Crypto firm Bullish plans IPO that could raise up to
$629 million, joining a growing list of blockchain companies seeking capital as
regulatory sentiment shifts in their favor, Coindesk reported.
The company has filed to list 20.3 million shares on
the New York Stock Exchange under the ticker “BLSH” at a price range of $28 to
$31. At the top of that range, the offering would be valued Bullish at
approximately $4.2 billion, according to its updated F-1 filing with the U.S. Securities and Exchange Commission.
The IPO
includes an option for underwriters to purchase an additional 3.045 million
shares, which could further boost proceeds. The filing shows that funds managed by BlackRock and ARK Investment Management have indicated interest in purchasing up to $200 million of the stock at the offering price.
IPO Follows Favorable Shift in U.S. Regulations
Bullish’s listing follows a broader trend of digital
asset firms entering public markets, a development that has gained momentum
under the Trump administration.
The regulatory shift includes the recent passage of the GENIUS Act and the rollback of enforcement actions initiated during the
previous presidency.
In recent months, firms like stablecoin issuer Circle
and trading platform eToro have gone public, while others, including BitGo and
Grayscale, have filed to follow suit. Major exchanges Kraken and OKX are
reportedly considering similar moves.
Related: eToro and Circle’s Success Opens Up Crypto Public Listing Gates: Bullish Files for IPO
The Cayman Islands-headquartered Bullish said it will
use IPO proceeds for general corporate purposes and possible future
acquisitions.
Strong Balance Sheet Despite Recent Loss
According to the filing, Bullish operates an
institutional-grade trading platform that offers spot and derivatives trading
along with liquidity services.
The company reported a Q2 net income estimate between
$106 million and $109 million, an apparent recovery from its $349 million loss in the first quarter. It had posted an $80 million profit for all of 2024.
Bullish also disclosed holding over $3 billion in
liquid assets, including 24,000 bitcoin, 12,600 ether, and more than $418
million in cash and stablecoins. A small portion of those funds is allocated
to decentralized finance (DeFi) protocols, though the company says those
exposures are not material.
Bullish’s IPO arrives as crypto prices climb. Bitcoin
has gained more than 1% in the past week, recently trading near $115,000. Bullish
joins a class of digital asset firms betting that the public markets—and a
redefined U.S. policy stance—will offer a more stable foundation for future
growth.
This article was written by Jared Kirui at www.financemagnates.com.
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