Bullish Raises IPO Stakes, Targeting Nearly $5 Billion Valuation Amid Strong Investor Demand.
Led by former NYSE chief Thomas Farley and backed by Peter Thiel, the institutional-focused crypto exchange is poised for a major market debut as it boosts its share offering.
A surge in investor appetite is propelling Bullish, a cryptocurrency trading platform tailored for institutional clients, toward a landmark initial public offering (IPO) this week. The company, helmed by former New York Stock Exchange (NYSE) President Thomas Farley, has increased both the number of shares and the expected price range for its debut, pushing its proposed valuation to nearly $5 billion.
This upsized offering is a clear signal of Wall Street’s growing hunger for regulated, institutional-grade avenues into the digital asset market. Bullish (which will trade on the NYSE under the ticker symbol “BLSH”) is positioning itself to be the go-to platform for traditional investment firms looking to gain exposure to cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
The IPO is expected to price late Wednesday, with trading commencing on Thursday.
The Upgraded IPO: By the Numbers
Reflecting strong pre-market demand, Bullish has significantly expanded its offering. The company is now set to offer 30 million shares at an estimated price of $32 to $33 per share. This is a notable increase from the initial plan of 20.3 million shares at a $28 to $31 price range.
At the top end of this new range, the IPO could raise $990 million for the company, with major financial institutions J.P. Morgan, Jefferies, and Citigroup leading the underwriting.
With 150.68 million shares expected to be outstanding post-IPO, the new pricing would give Bullish a market capitalization of up to $4.97 billion—a $300 million increase from the previously anticipated valuation.
Why Investors Are Bullish on Bullish
The excitement surrounding the BLSH debut is fueled by a combination of strong leadership, impressive growth, and a favorable market environment.
“Bullish has grown trading volume substantially, and it should benefit from a clearer regulatory environment going forward, though the crypto market is still volatile,” noted Renaissance Capital in a research note.
Key drivers of investor confidence include:
Experienced Leadership: CEO Thomas W. Farley is no stranger to financial markets. As president of the NYSE Group from 2014 to 2018, he has deep-rooted credibility. His involvement in crypto dates back to 2014, when he spearheaded a $10 million investment from the NYSE’s balance sheet into a then-nascent Coinbase.
Explosive Growth: The platform’s trading volume has skyrocketed, handling $250 billion in digital asset trades in 2024, up from $115.61 billion in 2023. This has translated to a jump in adjusted transaction revenue, which hit $153 million in 2024.
Path to Profitability: Bullish is projecting a significant turnaround. For the three months ending June 30, it expects to report a net income between $106.1 million and $109.1 million, a stark contrast to the $116.4 million net loss reported in the same period last year.
In a letter within the company’s IPO prospectus, Farley stated, “Bullish was conceived to enable institutional adoption of digital assets technology, an important precursor to the ultimate success of this emerging technology and asset class.”
Backed by Titans and Strategic Acquisitions
Bullish boasts a formidable roster of investors. Billionaire Peter Thiel was a key backer in the company’s formation, participating in a $300 million private capital round in 2021.
Adding to its appeal, financial giants BlackRock Inc. (BLK) and Cathie Wood’s ARK Investment Management have separately indicated an interest in purchasing a combined total of up to $200 million of Bullish stock at the IPO price.
Strategically, Bullish also strengthened its ecosystem by acquiring the crypto news and data firm CoinDesk from Digital Currency Group in 2023. CoinDesk now operates the company’s information services business, providing essential news, data, and indexes, including benchmarks for over $30 billion in assets.
Navigating a Shifting Crypto Landscape
The successful IPO launch comes at an opportune moment. While a previous attempt to go public via a $9 billion SPAC merger in 2022 was ultimately canceled amid a market downturn, the current environment is far more receptive. A strong debut from stablecoin issuer Circle Internet Group (CRCL) in June, coupled with rising crypto asset values and a growing legislative focus on regulating digital currencies, has created a powerful tailwind.
Farley believes the industry is at an “inflection point of institutional adoption,” pointing to major players like Fidelity, BlackRock, and JPMorgan Chase who have already made substantial investments in the sector.
“We expect more traditional financial institutions to integrate digital assets into their product offerings,” Farley said, “driving demand for and adoption of digital assets by their customers.”
