- Bullish is pursuing a US IPO on the NYSE under the ticker “BLSH”. The company seeks to raise up to US$629 million, targeting a valuation of roughly US$4.23 billion.
- BlackRock and ARK Investment are among the major investors who have indicated interest in purchasing shares, reflecting renewed optimism for crypto firms going public, following a strong performance by Circle’s IPO.
- This is Bullish’s second attempt to go public after a failed SPAC merger in 2022. It plans to convert a significant portion of its IPO proceeds into stablecoins.
Bullish, the crypto exchange and owner of crypto outlet CoinDesk, is seeking a valuation of up to US$4.23B (AU$6.54B) as it prepares its IPO on the New York Stock Exchange (NYSE) under the ticker “BLSH”.
The firm exchange is offering 20.3 million shares priced between US$28 (AU$43.2) and US$31 (AU$47) each, targeting as much as US$629M (AU$972M) in proceeds. According to the filing, funds managed by BlackRock and ARK Investment are looking to buy over US$200M (AU$309M) worth of the shares at the IPO price.
The IPO will be led by JP Morgan, Jefferies, and Citigroup. If approved, shares could start trading on August 12.
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Bullish’s Second Attempt
The listing is Bullish’s second attempt to go public in four years.
In 2021, the company pursued a US$9B (AU$13.9B) valuation via a SPAC merger before scrapping the deal in 2022, citing regulatory uncertainty. The current pricing range represents a 52% discount to that earlier target.
The firm intends to convert a significant portion of the IPO proceeds into US-dollar-denominated stablecoins, working with “one or more major issuers”, but didn’t specify.
The move follows Circle’s high-profile NYSE debut in June, which has seen its share price surge more than 130%, according to TradingView data.
Bullish was founded with backing from billionaire Peter Thiel, and acquired CoinDesk from Digital Currency Group in 2023. The firm’s CEO is Thomas Farley, a former president of the NYSE. He’s steering the listing amid renewed optimism in the sector following pro-crypto policy moves from the Trump administration, including the GENIUS Act’s stablecoin regulatory framework.
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