Crypto Exchange Bullish Targets Up to $4.2 Billion Valuation in Upcoming IPO
In a significant move for the digital asset sector, the cryptocurrency exchange Bullish has announced its intention to pursue a valuation of up to $4.23 billion in its upcoming initial public offering (IPO) in the United States. The announcement, made in a filing on August 4, 2025, marks the beginning of the company’s roadshow, as it seeks to leverage the current momentum surrounding digital assets, especially amidst growing regulatory clarity.
This IPO comes at a time when companies involved in cryptocurrencies and related technologies have seen a resurgence, buoyed by favorable policy developments. Notably, the recent passage of the GENIUS Act provides an initial regulatory framework for stablecoins, reflecting a more structured approach to crypto regulation from the U.S. government.
In its IPO, Bullish aims to raise up to $629.3 million through the offering of approximately 20.3 million shares, which are expected to be priced between $28 and $31 each. This marks Bullish’s second attempt to go public within four years. At the upper end of its proposed price range, the company would be listed at a significant 52% discount compared to its previous valuation target of $9 billion during a 2021 blank check merger that was ultimately terminated in 2022 due to regulatory challenges.
“When an IPO begins marketing, the bankers would rather undershoot on valuation and then price up, rather than overshoot and price down,”
Backed by billionaire investor Peter Thiel, Bullish plans to convert a substantial portion of the proceeds from the IPO into U.S.-dollar-denominated stablecoins, with assistance from one or more issuers of such tokens. The stability and demand for these digital currencies are underscored by the success of major stablecoin issuer Circle Internet, which experienced a remarkable debut on the NYSE in June 2025, trading at more than 400% of its IPO price.
Under the leadership of CEO Thomas Farley, a former president of the New York Stock Exchange, Bullish primarily caters to institutional clients while also owning the prominent crypto news platform CoinDesk, acquired from Barry Silbert’s Digital Currency Group in 2023. However, the company faced challenges, reporting a loss of $349 million for the quarter ending March 31, 2025, compared to a profit of $105 million in the same period last year, largely due to a decline in the fair value of its cryptocurrency holdings.
In contrast, Coinbase, another public crypto exchange, reported a decrease in its second-quarter adjusted profit, attributed to a slowdown in trading activities that led to a nearly 17% drop in its share price, despite recording gains in its portfolio. Analysts suggest that some investors may overlook the quarterly fluctuations in cryptocurrency prices when assessing the performance of companies like Bullish.
According to Kennedy, investors’ focus will likely be on “how efficient Bullish is and how profitable it is as a pure exchange, without the impact of quarterly price changes.” Bullish plans to list on the NYSE under the ticker symbol BLSH, with major financial institutions such as J.P. Morgan, Jefferies, and Citigroup serving as lead underwriters for the offering.
For those interested in the evolving landscape of cryptocurrency and finance, keeping an eye on Bullish’s IPO could provide valuable insights into the future of digital asset trading.
Source: CNBC
