TL;DR
- Bullish filed for an IPO with the SEC and aims to raise up to $629 million at a $4.2 billion valuation.
- The firm was founded in 2021 with $10 billion from Block.one. It runs an institutional-focused exchange and owns CoinDesk.
- The IPO seeks to strengthen its balance sheet and boost its institutional legitimacy.
Bullish has filed with the U.S. Securities and Exchange Commission to go public.
The company plans to raise up to $629 million by issuing 20.3 million shares, with a projected price range of $28 to $31. If priced at the top of that range, Bullish would reach an estimated valuation of around $4.2 billion. JPMorgan and Jefferies are leading the offering as underwriters.
The process began in June with a confidential filing—a regulatory mechanism that lets companies prepare their IPOs without disclosing financials until the offering is near. Through this public offering, Bullish aims to strengthen its balance sheet, access new capital, and pursue acquisition opportunities. CEO Tom Farley, former president of the New York Stock Exchange, is heading the effort and said the IPO is also meant to reinforce the platform’s institutional credibility.
Bullish Follows the Path of Grayscale and Kraken
Bullish was founded in 2021 following a $10 billion capital injection from Block.one. The company provides digital asset trading and liquidity services, focusing on institutional clients. Its investors include Peter Thiel, Mike Novogratz, Alan Howard, and Japan’s Nomura bank. In addition to operating its exchange, it owns crypto media outlet CoinDesk, which is highlighted in the prospectus as a strategic asset for its role in market analysis and information.
With a team of over 275 employees, the firm has remained active in a market where many firms have scaled back. The current climate, driven by renewed interest in crypto-linked financial products, is creating favorable conditions for companies like Bullish to reenter public markets.
Beyond Bullish, other crypto firms are also preparing to go public. Grayscale has already submitted a confidential filing for its IPO, and Kraken is planning a public offering in 2026, targeting a valuation around $15 billion
