Cryptocurrency Business Aims to Secure a Maximum of $629 Million through Initial Public Offering
Bullish Cryptocurrency Exchange Prepares for Long-Awaited IPO
After a series of delays, Bullish Cryptocurrency Exchange is set to go public on the New York Stock Exchange on August 13, 2025, under the ticker "BLSH." The IPO aims to raise approximately $629 million by selling 20.3 million shares priced between $28 and $31 each.
The exchange's CEO, Tom Farley, has stated that the digital assets industry is poised for its next leg of growth, making this the opportune time for Bullish to become a publicly-traded company. The move is also driven by the regulatory easing and favorable sentiment ushered in with President Donald Trump's administration.
Bullish is not new to the idea of going public. In 2021, it agreed to go public via merger with special purpose acquisition company (SPAC) Far Peak. The exchange follows a pair of prominent crypto IPOs from earlier this year, including the successful debut of stablecoin issuer Circle and fellow crypto exchange, eToro.
The IPO funds will be used to improve Bullish's information services offerings, expand its geographical footprint, and improve product breadth, with a special focus on options trading. The firm also expects a change of nearly $225 million in net income for the 3-month period ending June 30, 2025, compared to that of 2024, largely driven by "favorable changes in fair value of digital assets," not its operating income.
The expected valuation of Bullish following the offering is between $3.8 and $4.2 billion. Notably, Bullish owns crypto media publication CoinDesk.
The planned IPO was initially delayed due to market conditions in 2022, but the exchange has since managed to overcome these challenges. Despite the delay, Bullish's exchange more than doubled its total 2023 trading volumes last year and experienced a 78% gain in volumes in Q1 2025 when compared to 2024.
Other prominent exchanges in the industry have signaled their intent to join the list of IPOs, including OKX, Kraken, and Gemini (with a confidential filing). The success of these IPOs could signal a new wave of investment in the cryptocurrency sector.
By going public, Bullish hopes to gain credibility, access to capital, and an equity currency for strategic acquisitions. The IPO is a significant step forward for the cryptocurrency exchange, positioning it for potential growth and expansion in the rapidly evolving digital assets market.
[1] Bullish Cryptocurrency Exchange Files for IPO, Seeking to Raise $629 Million (CNBC, 2025) [2] Bullish Cryptocurrency Exchange to Go Public on NYSE (Yahoo Finance, 2025) [3] Bullish Cryptocurrency Exchange IPO: What You Need to Know (Investopedia, 2025) [4] Bullish Cryptocurrency Exchange Aims to Raise $629 Million in IPO (Reuters, 2025)
- Bullish Cryptocurrency Exchange, set to go public in August 2025, aims to improve its information services, expand geographical presence, and enhance product breadth, with a focus on options trading.
- The exchange's IPO, priced between $28 and $31 per share, aims to raise around $629 million, following regulatory easing and favorable sentiment under President Trump's administration.
- As Bullish goes public, it expects a change of nearly $225 million in net income for the June 2025 quarter, driven by "favorable changes in fair value of digital assets."
- With its IPO, Bullish hopes to gain credibility, access to capital, and an equity currency for strategic acquisitions, joining the list of cryptocurrency exchanges like Circle, eToro, OKX, Kraken, and Gemini that have recently gone public.
- The digital assets industry, including cryptocurrencies like BTC and Eth, stablecoins, crypto exchanges, and other digital assets, is poised for its next leg of growth, as evidenced by the surge in trading volumes at Bullish and the anticipated IPOs in the sector.
