Bullish (BLSH) is charging into the public markets this Wednesday, aiming to raise as much as $990 million in its initial public offering—a move that could value the crypto exchange at roughly $4.8 billion.
The offering comes amid one of the strongest IPO climates in years, with recent high-profile debuts like Heartflow, Firefly Aerospace, Figma, and Circle Internet Group (CRCL) electrifying investors. Circle’s shares, for instance, have rocketed more than 400% since its launch in June.
The timing is fortuitous for Bullish. The cryptocurrency market has regained momentum on the back of regulatory clarity, swelling institutional adoption, and double-digit price gains for bitcoin and ether. Demand for the IPO is reportedly running several times above the available shares, attracting heavyweight backers including BlackRock (BLK) and Ark Invest (ARKK), which together have pledged to buy up to $200 million worth.
Bigger Deal, Bigger Ambitions
Originally planning to sell just over 20 million shares at $28 to $31 apiece, Bullish has raised the stakes—now offering 30 million shares at $32 to $33 each. At the upper end, the deal could bring in close to a billion dollars, compared with the $629 million target from its earlier filing. The upsizing underscores not only heightened investor appetite but also the company’s confidence in its positioning.
The firm operates as an institutionally focused digital asset platform, offering spot, margin, and derivatives trading alongside data and media services through its subsidiary CoinDesk, acquired in 2023 for $72.6 million. Its compliance-first approach and multi-jurisdiction regulatory footprint—covering the U.S., Germany, Hong Kong, and Gibraltar—are designed to court institutional money while sidestepping the conflicts that come with issuing its own tokens.
Riding the Crypto Wave with Volatile Winds
Financially, Bullish reflects both the promise and pitfalls of the crypto business. In 2024, digital asset sales surged by more than 100% year over year to $250 million, matched almost dollar-for-dollar by the cost of those assets—a byproduct of the sharp rise in trading volume. While adjusted net income fell 55% to $10 million due to higher administrative expenses, the company’s latest quarterly figures show a dramatic turnaround.
For the second quarter of 2025, Bullish expects net income between $106 million and $109 million, reversing a nine-figure loss in the same period last year. Much of the rebound comes from a $68.5 million boost in the fair value of its holdings, compared with a steep loss a year ago.
Financially, Bullish reflects both the promise and pitfalls of the crypto business. In 2024, digital asset sales surged by more than 100% year over year to $250 million, matched almost dollar-for-dollar by the cost of those assets—a byproduct of the sharp rise in trading volume. While adjusted net income fell 55% to $10 million due to higher administrative expenses, the company’s latest quarterly figures show a dramatic turnaround.
For the second quarter of 2025, Bullish expects net income between $106 million and $109 million, reversing a nine-figure loss in the same period last year. Much of the rebound comes from a $68.5 million boost in the fair value of its holdings, compared with a steep loss a year ago.
Conclusion
Bullish’s IPO is shaping up as one of the most closely watched offerings of the year, blending the heat of the crypto rally with the renewed vigor of the IPO market. With deep-pocketed institutional interest and a business model aimed at bridging traditional finance and digital assets, BLSH could ride a powerful wave when it hits the NYSE. Still, its history of volatile profits is a reminder that in the crypto world, the highs can be as dizzying as the lows—making this a debut to watch with both enthusiasm and caution.
Bullish’s IPO is shaping up as one of the most closely watched offerings of the year, blending the heat of the crypto rally with the renewed vigor of the IPO market. With deep-pocketed institutional interest and a business model aimed at bridging traditional finance and digital assets, BLSH could ride a powerful wave when it hits the NYSE. Still, its history of volatile profits is a reminder that in the crypto world, the highs can be as dizzying as the lows—making this a debut to watch with both enthusiasm and caution.
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