Bullish, which operates a digital exchange for cryptocurrency, raised $1.1 billion by offering 30 million shares at $37, above the upwardly revised range of $32 to $33. The company had originally filed to offer 20.3 million shares at $28 to $31, before it increased the share offering and range on Monday.
BlackRock and ARK Investment Management have indicated on $200 million worth of shares in the offering (now 18% of the deal).
Bullish is an institutionally focused global digital asset platform that provides market infrastructure and information services. Operating under the brands "Bullish" and "CoinDesk," the company provides several distinct but complementary services that span the digital assets industry: Trading and Liquidity Infrastructure (branded as Bullish Exchange), and Information Services (branded as CoinDesk), which includes Indices, Data, and Insights. Bullish Exchange's total trading volume since launch has exceeded $1.25 trillion as of March 31, 2025.
Bullish’s IPO arrives as Bitcoin prices near all-time highs. It also follows the explosive post-IPO gains from stablecoin issuer Circle (CRCL), which popped 168% on the day of its June listing; it closed Tuesday 426% above offer, and peaked at a 750% return a few weeks after the offering. On Tuesday afternoon, Circle released its second quarter earnings, and filed for a follow-on offering for 10 million shares. Another 2025 IPO with crypto exposure, eToro (ETOR), popped 29% on its first day in May, but closed below issue for the first time on Tuesday.
Bullish was founded in 2020 and company plans to list on the NYSE under the symbol BLSH. J.P. Morgan, Jefferies, Citi, Cantor Fitzgerald, Deutsche Bank, and Societe Generale acted as joint bookrunners on the deal.
