Crypto exchange Bullish prices IPO at $37 per share, above expected range, ahead of NYSE debut
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Crypto exchange Bullish priced its IPO at $37 per share, above its expected range, giving it a market value of over $5 billion.
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2 min read
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cryptocurrency
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August 13, 2025
10:14 AM
CNBC
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Tom Farley, chief executive officer of Bullish Global, during a Bloomberg Television interview on the sidelines of the Consensus Crypto Conference in Hong Kong, China, on Wednesday, Feb. 19, 2025
Lam Yik | Bloomberg | Getty ImagesCryptocurrency exchange Bullish has priced its initial public offering at $37 per , above the expected range of $32 to $33 and giving it a total market value of $5.4 billion.The company will raise $1.1 billion in the offering of 30 million s
In a measure of increased investor appetite, Bullish expanded the number of s sold in the IPO from 20.3 million, which were originally posed to be sold at between $28 and $31 a .Bullish granted its underwriters, led by JPMorgan, Jefferies and Citigroup, a 30-day option to sell an additional 4.5 million s
Bullish stock will trade on the New York Stock Exchange under ticker symbol "BLSH."BlackRock and Cathie Wood's ARK Investment Management have indicated interest in purchasing up to $200 million of the s.Bullish, which is led by former New York Stock Exchange President Tom Farley and headquartered in the Cayman Islands, is a cryptocurrency exchange that's geared toward institutional investors and brings together decentralized finance tocols with the security of a centralized company.Since its launch in 2021, total trading volume on the Bullish platform exceeded $1.25 trillion as of March 31.Bullish also owns the crypto news website CoinDesk, which includes crypto indexes, data and analytics.This is the second attempt by Bullish to go public in the four years since it was introduced
Backers, including billionaire PayPal co-founder Peter Thiel, are looking to take advantage of the Trump administration's favorable attitude toward crypto, which has invigorated capital this year.In June, stablecoin issuer Circle made a highly successful stock market debut, raising more than $1 billion
That ed the transfer to Nasdaq (from Toronto) of Mike Novogratz's Galaxy Digital and stock and crypto trading app eToro's IPO that valued it at $5.4 billion
Crypto custody startup BitGo and crypto exchange Gemini have also confidentially filed for U.S. listings. —CNBC's Nick Wells contributed reporting.Don't miss these cryptocurrency insights from CNBC : Expect the crypto rally to cool in August as new tariffs ratchet up macroeconomic concernsEther treasury companies are just getting started, could own 10% of coin one day, says Standard CharteredSell Coinbase as crypto stock's rally runs out of steam, says Compass Point
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