Bullish, the cryptocurrency exchange designed for institutional investors, has made a strong debut on the public markets, pricing its initial public offering (IPO) at $37 per share — well above its expected range of $32–$33. The listing raised $1.1 billion, giving the company a market capitalization of approximately $5.4 billion. Shares will trade on the New York Stock Exchange under the ticker BLSH.
A Second Attempt at Going Public
This IPO marks Bullish’s second push to enter the public markets. Its previous attempt, via a special purpose acquisition company (SPAC) merger in late 2022, fell through due to regulatory delays. Since then, the company’s performance has rebounded significantly — reporting Q2 2025 net income of $106–$109 million after recording a $349 million net lossin Q1.
Institutional Backing and Market Reach
Founded in 2021, Bullish has processed more than $1.25 trillion in trading volume and operates a diverse suite of services including spot trading, futures and derivatives products, and market intelligence tools. The company also owns leading crypto news platform CoinDesk.
Bullish is led by Tom Farley, former president of the New York Stock Exchange, and backed by high-profile investor Peter Thiel. Ahead of the IPO, heavyweight institutional investors — including BlackRock and ARK Investment Management led by Cathie Wood — committed to purchasing more than $200 million worth of shares at the offering price.
Underwriters and Industry Context
The IPO was underwritten by J.P. Morgan, Jefferies, and Citigroup. Bullish’s listing comes amid a renewed wave of crypto companies seeking public market access, supported by regulatory advancements in the U.S. and growing institutional appetite for digital assets.
Other major exchanges, including Kraken and OKX, are also eyeing IPOs — signaling a new phase in the integration of crypto platforms into mainstream financial markets.
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IMAGE: Reuters
