- Bullish raises $1.11B in IPO, listing on NYSE at $5.41B valuation.
- Institutional investors BlackRock and Ark Invest commit $200M.
- Firm holds $3B in assets, including BTC, ETH, and stablecoins.
Crypto trading platform Bullish has gone public, being listed on the New York Stock Exchange today under the ticker symbol BLSH. The company raised a massive $1.11 billion in its initial public offering (IPO), pricing 30 million shares at $37 each, well above the expected range. The IPO gives the company a valuation of $5.41 billion, making it one of the largest public debuts for a crypto exchange.
The final deal was significantly larger than originally planned. Regulatory filings from early August had outlined a plan to raise up to $629 million. But by August 11, Bullish revised its plans, increasing the offering to 30 million shares at a price range of $32 to $33, with the final sale price exceeding expectations.
Backed by Wall Street Giants
Institutional investors participated in the role for the offering. BlackRock and Ark Invest invested a combined $200 million stake. The company’s leadership includes Tom Farley, a former president of the NYSE, and has backing from tech investor Peter Thiel. These connections align the platform with established financial market participants.
According to asset disclosures, Bullish holds over $3 billion in liquid assets, including 24,000 BTC, 12,600 ETH, and $418 million in cash and stablecoins. The firm also operates a regulated digital asset trading platform and owns cryptocurrency media outlet CoinDesk.
Its exchange structure integrates centralized trading features with elements of decentralized finance (DeFi), aiming to support a range of market participants from institutional investors to active traders.
Industry Impact and Regulatory Considerations
The listing provides traditional equity investors with direct exposure to a cryptocurrency exchange through public markets, potentially widening participation in the sector. Adding to this sentiment, market analysts note that public listings by crypto firms often lead to increased transparency due to reporting requirements, which can improve regulatory compliance and investor trust.
Part of a bigger trend. Bullish isn’t the only crypto company hitting the NYSE. Here’s our past report on Circle’s successful IPO bid.
The company’s move into public markets comes at a time of heightened regulatory scrutiny for digital asset exchanges. While the new capital positions Bullish for expansion, it will need to deal with potential market volatility and growing compliance standards.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
