Expanding Crypto Exchange's Initial Public Offering Before Wednesday's Stock Market Launch

Bullish Cryptocurrency Exchange Prepares for Highly Anticipated IPO

After a successful public debut in June, Bullish, a cryptocurrency exchange, is set to expand its Initial Public Offering (IPO). The IPO, expected to price and begin trading on separate days, Tuesday and Wednesday respectively, could potentially raise up to $990 million in proceeds.

The IPO is over 20 times oversubscribed, a testament to the renewed Wall Street enthusiasm for cryptocurrency businesses. This enthusiasm is partly due to regulatory clarity from Washington and Bitcoin's recent surge past $100,000.

Bullish, backed by Peter Thiel and led by former New York Stock Exchange president Tom Farley, positions itself as a bridge between traditional finance and digital assets. The company was "conceived to enable institutional adoption of digital assets technology," according to Farley, who led a $10 million NYSE investment in Coinbase in 2014.

The updated SEC filing for the IPO was made on Monday. JP Morgan, Jefferies, and Citigroup are leading the underwriting syndicate for Bullish's IPO. Shares will begin trading on Wednesday on the New York Stock Exchange under the ticker "BLSH."

In the second quarter of 2025, Bullish is expected to net income of $106 million to $109 million, a sharp turnaround from a $116.4 million loss in the same period last year. The company reported handling $250 billion in digital asset trades in 2024, a significant increase from its 2022 volume of $72.7 billion.

BlackRock and Cathie Wood's ARK Investment Management have expressed interest in purchasing up to $200 million worth of shares at the IPO price. The IPO support for Bullish included early interest from BlackRock and ARK Investments who indicated interest in $200 million of the offering, providing significant backing for the IPO.

The valuation of Bullish could approach $5 billion after the IPO, representing a discount to its previous $9 billion enterprise value from a failed SPAC merger attempt in 2022. The crypto news site CoinDesk is owned by Bullish following its 2023 acquisition.

As Bullish prepares for its IPO, it is paving the way for other crypto companies to access public markets. The successful public debut of Circle in June has set a precedent for the future of cryptocurrency businesses on Wall Street.

Expanding Crypto Exchange's Initial Public Offering Before Wednesday's Stock Market Launch