Bullish, a digital asset exchange operator and owner of crypto media outlet CoinDesk, is aiming to raise up to US$629.3 million through an initial public offering in the United States.
According to a filing with the US Securities and Exchange Commission, the Cayman Islands-headquartered firm intends to offer 20.3 million shares priced between US$28 and US$31 each.
As reported by Bloomberg, this would value the company at approximately US$4.2 billion at the top end of the price range, based on the outstanding shares disclosed.
Asset managers BlackRock and ARK Investment Management have each expressed interest in purchasing up to US$200 million worth of shares collectively at the IPO price.
The shares are expected to be priced on 12 August, according to a marketing presentation.
An increasing number of cryptocurrency firms have sought public listings through IPOs, special purpose acquisition companies (SPACs), or reverse takeovers, amid a regulatory environment that has become more favourable under the Trump administration.
Investor appetite has also been buoyed by recent listings, including stablecoin issuer Circle, whose stock surged as much as 750% above its IPO price within a month of its US$1.2 billion share sale in June.
Bullish had previously announced in 2021 its intention to go public via a SPAC merger in a deal that would have valued the combined entity at around US$9 billion.
That transaction was ultimately terminated in 2022.
Led by Chief Executive Officer Tom Farley, former president of the New York Stock Exchange, Bullish provides spot, margin and derivatives crypto trading, with a particular focus on institutional clients.
However, its margin and derivatives products are currently unavailable in the US.
The firm also offers liquidity services for stablecoin issuers and acquired CoinDesk in 2023 for US$72.6 million from Digital Currency Group.
CoinDesk operates as a media platform and provides market data and indices.
Bullish posted a net loss of roughly US$348.6 million on digital asset sales of US$80.2 million for the three months ended 31 March 2025, compared with net income of US$104.8 million on US$80.4 million of sales during the same period the previous year.
Formerly a subsidiary of Block.one, Bullish saw the latter reduce its shareholding to below 50% as of July 2024.
The company’s largest shareholders include its co-founder and Block.one CEO Brendan Blumer, who is expected to retain a 30.1% stake post-IPO, and board member Kokuei Yuan, who is set to hold 26.7%.
The offering is being led by JPMorgan Chase & Co., Jefferies Financial Group Inc., and Citigroup Inc. Bullish plans to list on the New York Stock Exchange under the ticker symbol BLSH.
Featured image credit: Edited by Fintech News America, based on image by sodawhiskey via Freepik
