Crypto Exchange Bullish Prices IPO at $37 Per Share Ahead of NYSE Debut
Bullish, a cryptocurrency exchange and owner of the prominent crypto news site CoinDesk, has priced its initial public offering (IPO) at $37 per share, surpassing the previously expected range of $32 to $33. This pricing gives the company a total market capitalization of approximately $5.4 billion.
The company is raising $1.1 billion through the sale of 30 million shares. In a sign of strong investor interest, Bullish increased the number of shares offered from an initial proposal of 20.3 million shares priced between $28 and $31 per share. Additionally, underwriters led by JPMorgan, Jefferies, and Citigroup received a 30-day option to sell 4.5 million extra shares if demand remains high.
Bullish’s shares will begin trading on the New York Stock Exchange under the ticker symbol "BLSH." Notably, investment firms BlackRock and Cathie Wood’s Ark Investment Management have expressed interest in purchasing up to $200 million worth of shares.
Founded in 2021 and headquartered in the Cayman Islands, Bullish targets institutional investors by combining decentralized finance (DeFi) protocols with the security features of a centralized exchange. Led by CEO Tom Farley, former president of the New York Stock Exchange, Bullish has accumulated total trading volumes exceeding $1.25 trillion as of March 31, 2025. The company also controls CoinDesk, a widely recognized crypto news platform that provides crypto data, analytics, and indexes.
This IPO marks Bullish’s second attempt to go public since its inception four years ago. The firm is backed by prominent investors including billionaire Peter Thiel, co-founder of PayPal. Bullish’s timing takes advantage of the current pro-crypto regulatory environment under the Biden administration, which has rejuvenated interest and capital flows into the cryptocurrency sector.
Bullish’s successful pricing follows a series of recent major crypto-related public offerings. In June 2025, stablecoin issuer Circle made a highly successful market debut, raising over $1 billion. Mike Novogratz’s Galaxy Digital transferred its listing from Toronto to Nasdaq, and the stock and crypto trading platform eToro recently held an IPO valuing it at $5.4 billion. Additionally, crypto custody startup BitGo and crypto exchange Gemini have confidentially filed for U.S. listings, signaling sustained activity in the crypto public markets.
The strong investor appetite for Bullish highlights growing confidence in institutional crypto platforms and reflects the broader trend of cryptocurrency-related companies accessing public markets to fuel growth.
This article is based on reporting by CNBC and contributors including Nick Wells and Tanaya Macheel.