Crypto exchange Bullish lands upsized $1.1 billion IPO, joins growing roster of public crypto firms
Bullish now operates in an expanding field of public crypto firms entering U.S. markets under Donald Trump’s administration.The Peter Thiel–backed crypto exchange raised $1.11 billion in its initial public offering, pricing 30 million shares at $37—above the already increased $32–$33 range, Bloomberg reported.Bullish’s IPO implies a valuation of about $5.41 billion, with trading set to begin on the New York Stock Exchange under the ticker BLSH. JPMorgan, Jefferies, and Citigroup led the underwriting, while BlackRock and ARK Invest indicated interest in up to $200 million of stock, according to Reuters.The outcome caps a brisk marketing push. Earlier this week, Bullish upsized the deal and lifted the price range to target as much as $990 million in proceeds, as previously reported by The Block. Wednesday’s final terms cleared even that bar as investor demand strengthened into pricing.Bullish filed confidentially in June and submitted a public registration statement with the SEC in July, advancing a second attempt to list after a 2021 SPAC deal fell through in 2022.The offering extends a reopening in U.S. crypto capital markets and follows a broader pipeline of crypto-adjacent listings, with companies pursuing IPOs or digital asset treasury strategies to tap public markets. Investor interest has been buoyed by friendlier policy signals like the signed GENIUS Act and improving market conditions.Circle’s (CRCL) June IPO is widely regarded as a megahit after shares rose 500% above the listing price within weeks. Multiple firms have also tendered listing documents to regulators, including Mike Cagney’s Figure Technology, Grayscale, and BitGo.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.