TLDR
Bullish plans to raise $629M via IPO with shares priced between $28 and $31
The IPO would value Bullish at approximately $4.2 billion
JPMorgan and Jeffries are lead underwriters for the IPO
Bullish owns crypto news and research outlet CoinDesk
Bullish, a crypto trading platform backed by billionaire investor Peter Thiel, has filed for an IPO to raise up to $629 million. The platform, established in 2021, is aiming to go public amid a broader positive trend in digital asset markets.
Bullish Files for IPO to Raise $629 Million
Bullish submitted a public filing to the U.S. Securities and Exchange Commission on Monday, revealing its plans to raise capital through an IPO. The company intends to offer 20.3 million shares at a price range of $28.00 to $31.00 per share.
If Bullish prices at the top of the range, the offering could raise $629 million and value the company at approximately $4.2 billion. The IPO will be underwritten by financial firms JPMorgan and Jeffries, which are serving as lead underwriters.
Bullish confidentially filed for an IPO in June. This allowed the company to move forward with necessary regulatory and financial preparations without disclosing specific details until now.
IPO Comes Amid Increased Market Activity in Crypto Sector
Bullish is entering the public market at a time when investor interest in crypto-related companies is growing again. This trend follows the IPO of Circle Internet Group, the issuer of the USDC stablecoin.
After going public, Circle saw its stock increase more than 500% within weeks, which has encouraged other firms to consider similar moves. Grayscale Investments has also confidentially submitted IPO documents, while Kraken is reportedly planning a 2026 IPO at a $15 billion valuation.
This wave of public listings signals renewed interest from institutional investors in regulated crypto platforms. Bullish appears to be positioning itself within that institutional framework.
Focus on Institutional Clients and Strategic Growth
Bullish describes itself as an “institutionally-focused digital asset platform focused on market infrastructure.” According to its prospectus, the company aims to serve professional investors and institutions that require a secure and reliable platform.
CEO Tom Farley stated, “We now intend to IPO because we believe that the digital assets industry is beginning its next leg of growth. We also believe that becoming a publicly-traded company provides our business with key benefits: additional credibility with partners, counterparties and regulators; access to capital; and an equity currency with which to make strategic acquisitions.”
The company also owns CoinDesk, a crypto-focused news and research provider. The prospectus places emphasis on the value of CoinDesk’s services as part of the broader business model.
Backed by Well-Known Investors Since 2021 Launch
Bullish was launched in 2021 by Block.one, which had raised almost $10 billion in funding. Among the investors are prominent names such as Peter Thiel, Alan Howard, and Mike Novogratz.
Additionally, Japanese banking firm Nomura is listed as one of the institutional backers. The presence of these investors is expected to offer added confidence to market participants evaluating the IPO.
Bullish’s listing plan reflects a broader industry shift toward greater transparency and access to public capital, as large players in digital assets seek to expand operations and gain legitimacy.
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