Bullish, the digital asset exchange that previously watched a $9 billion SPAC deal crumble under SEC scrutiny in 2022, has decided the third time might indeed be the charm—upsizing its conventional IPO target to nearly $1 billion by pricing 30 million shares between $32 and $33 each.
The revised offering represents a 63% increase from initial plans, suggesting either remarkable institutional appetite or perhaps Wall Street’s belated recognition that dismissing crypto as “magic internet money” wasn’t their finest analytical moment.
Bullish’s valuation has swelled to approximately $4.8 billion, up from earlier estimates of $4.2 billion, positioning it among the larger publicly traded crypto exchanges—assuming, of course, that institutional memory extends beyond the next quarterly earnings cycle.
Bullish’s $4.8 billion valuation assumes Wall Street’s crypto enthusiasm outlasts its notoriously short attention span.
Founded in 2020, Bullish operates both a digital asset exchange and owns CoinDesk media platform, reporting $223 million in revenue for the twelve months ending March 2025. The company has facilitated over $1.25 trillion in trading volume since launch, leveraging automated market making mechanisms that presumably function more reliably than traditional market makers during periods of extreme volatility. The exchange distinguishes itself by combining centralized exchange performance with decentralized finance transparency, offering traders the speed they demand while maintaining the blockchain accountability that DeFi advocates require.
BlackRock and ARK Investment Management subsidiaries have indicated significant $200 million share purchases, while an impressive roster of joint bookrunners—JPMorgan, Jefferies, Citi, Cantor Fitzgerald, Deutsche Bank, and Societe Generale—suggests institutional crypto skepticism has evolved considerably.
The same financial institutions that once questioned Bitcoin’s intrinsic value are now competing to underwrite crypto infrastructure IPOs.
This enthusiasm coincides with broader crypto market momentum, driven by rising prices in major digital assets and increasingly clear regulatory frameworks. The company provides comprehensive market solutions spanning various segments of the digital assets industry through its complementary trading infrastructure and information services. The timing aligns strategically with the Bitcoin halving event in April 2024, which historically precedes significant bull markets in cryptocurrency.
Similar companies like Circle have recently gone public with strong share price performances, creating a template for crypto IPO success that doesn’t involve complex SPAC structures or protracted SEC negotiations.
Bullish’s IPO, scheduled for pricing on August 12, 2025, with trading commencing August 13 under ticker “BLSH,” represents strategic market timing amid renewed institutional interest.
Whether this optimism proves more durable than previous crypto cycles remains the trillion-dollar question—or in Bullish’s case, the billion-dollar bet.
