Bullish prices IPO at $37 per share, valuing crypto exchange above $5 billion ahead of market debut

Jake Conley · Breaking Business News Reporter

Wed, Aug 13, 2025, 9:35 AM 3 min read

Cryptocurrency exchange operator Bullish (BLSH) is set to go public Wednesday at a valuation north of $5 billion as the IPO market looks set to continue a strong summer.

The company, which operates a crypto exchange and owns the prominent trade publication CoinDesk, said Tuesday that it had priced its IPO at $37 per share, above the $32-$33 range the company had expected in its second shot at making a public market debut.

Bullish first attempted to go public via a SPAC merger in 2021 that would have valued the company at $9 billion, but the deal fell through after regulatory scrutiny and Bullish withdrew its registration.

This is the company's second range increase for its latest offering, with the previous $32-$33 per share estimate raised from an earlier range of $28-$31 per share. At 30 million shares offered, the IPO price will see Bullish raise $1.1 billion and value the fintech company at $5.41 billion.

The company will be looking to ride the outsized success of recent go-publics like Figma (FIG) and Circle (CRCL) and serve as the latest sign the IPO window remains wide open after a few challenging years for investors.

Through Wednesday, 2025 has so far seen 133 IPOs come to market worth more than $50 million, up more than 58% from the same time last year, according to IPO tracker and ETF operator Renaissance Capital.

Ahead of its IPO, Bullish has already garnered major institutional interest, with asset management giant BlackRock and Cathie Wood's investment firm fund Ark Invest have expressed interest in purchasing up to $200 million worth of shares in the offering, according to securities filings.

"We now intend to IPO because we believe that the digital assets industry is beginning its next leg of growth," said Bullish CEO Thomas Farley, previously COO and president of the NYSE Group, in a letter to investors about Bullish's offering.

"I believe that the digital assets industry is at the inflection point of institutional adoption and Bullish is uniquely positioned at the center of this market. The compliant, institutional- focused market infrastructure model is time-tested and works, and Bullish is proud to be the one bringing this proven framework to the crypto landscape."

Bullish's main business comes from its Bullish Exchange, a digital assets spot and derivative exchange geared toward institutional-sized clients. The operator processed an average $2.6 billion in daily volume through Q1, according to the company's prospectus.

Bullish is also riding the coattails of this year's hot streak of fintech IPOs. When USDC stablecoin manager Circle Internet Group went public in June, its shares soared by 168% in their first day of trading. And while the price has come down, the stock is still up more than 130% since inception.