Crypto exchange Bullish is set to go public on the New York Stock Exchange (NYSE), aiming to raise up to $629 million through an initial public offering (IPO). This move positions the platform among a small but growing group of digital asset firms seeking public listings in U.S. markets.
Bullish Targets Up to $629 Million in Capital
The company revealed its IPO plan through an updated F-1 filing with the U.S. Securities and Exchange Commission. It intends to offer 20.3 million ordinary shares at a price range of $28 to $31 per share, listing under the ticker symbol BLSH. If shares are priced at the top end of the range, the offering would generate approximately $629 million in proceeds.
Underwriters also hold an option to purchase an additional 3.045 million shares, depending on demand.
Institutional Backing Strengthens Investor Confidence
Bullish has already attracted attention from major institutional players. Funds managed by BlackRock and ARK Investment Management are reportedly considering a combined investment of up to $200 million at the IPO price. Such commitments are seen as a strong signal of confidence in Bullish’s business model and future potential.
Revenue and Business Model Highlights
According to financial projections included in the filing, Bullish estimates a net income between $106 million and $109 million for Q2. In Q1, the company also posted positive earnings.
The exchange focuses on institutional-grade spot and derivatives trading, as well as liquidity services, catering primarily to professional traders and asset managers. Proceeds from the IPO will be used for general corporate development and potential strategic acquisitions, the filing stated.
Bullish’s NYSE Debut Could Shape Crypto IPO Landscape
Bullish’s listing marks a significant step for the broader crypto sector, especially as regulatory scrutiny around digital asset exchanges continues. With its strong earnings profile and early institutional interest, Bullish’s IPO could serve as a blueprint for future crypto firms eyeing public capital markets.
This offering may reflect renewed investor appetite for regulated crypto infrastructure at scale.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.