Bullish, the cryptocurrency exchange operator that also oversees the crypto media platform CoinDesk, has just priced its highly anticipated IPO at $37 per share, creating fresh momentum in the resurging digital asset market.
The company raised approximately $1.11 billion through the sale of 30 million shares, giving it a valuation of around $5.41 billion. This outcome exceeded earlier expectations and marked one of the standout IPO moves in the crypto space in 2025.
Backing from heavyweight institutional investors (BlackRock and Cathie Wood’s ARK Invest) further fueled the enthusiasm. Both firms expressed interest in purchasing up to $200 million worth of shares, signaling strong confidence in Bullish’s market positioning.
This successful IPO is already being seen as a bellwether for a broader crypto IPO revival. After a protracted lull, 2025 has seen multiple crypto companies go public, including Circle Internet and Figma, taking advantage of shifting sentiment and clearer regulatory frameworks.
Bullish is led by Thomas Farley, a veteran former president of the NYSE, and is backed by high-profile figures such as Peter Thiel. His Founders Fund, along with Galaxy Digital, count among early backers. The IPO was underwritten by major Wall Street names—JPMorgan, Jefferies, and Citigroup—adding credibility to the deal.
Originally, Bullish planned to price its shares between $28 and $31, offering 20.3 million shares, which would have raised around $629 million and valued the company near $4.2 billion. But those expectations were rapidly revised as demand surged. Bullish expanded both its share count and raised its target valuation at least twice before landing at $5.41 billion.
Beyond price and volume, Bullish’s financials and strategy are noteworthy. While it recorded a net loss in Q1 of 2025, the company expects to swing to a net income range of $106 million to $109 million in Q2, suggesting strong operational momentum.
Its Q1 average daily trading volume hit about $2.6 billion, a dramatic rise from previous years, underlining growing adoption among institutional clients.
Bullish also holds roughly $2 billion in its corporate treasury, mostly in Bitcoin, alongside holdings in Ethereum and stablecoins. This positions the company with strong liquidity and a cushion against crypto market volatility.
Unlike exchanges that cater to retail traders and alt-coin speculation, Bullish has intentionally focused on institutional-grade infrastructure and regulated trading, which analysts say may make it a more stable crypto stock option.
On its debut day, Bullish shares were indicated to open nearly 62% above IPO price, with estimates placing the opening around $55 to $60—potentially valuing the company as high as $8.7 billion.
If realized, this would represent a dramatic first-day mark-up and reaffirm investor appetite for regulated crypto platforms.
The broader market environment is supportive as well. Cryptocurrency is enjoying a wave of mainstream acceptance. Bitcoin is trading near all-time highs, and new legislation like the GENIUS Act has provided much-needed regulatory clarity around stablecoins, encouraging both institutional interest and IPO.
Bullish joins a growing list of crypto-related companies going public in 2025. Stablecoin issuer Circle Internet Group delivered a blockbuster IPO earlier in the summer, and its stock has soared since debuting. This trend underscores heightened investor confidence in digital asset businesses with mature governance and oversight.
Still, the landscape remains competitive and volatile.
The success of Bullish’s IPO raises important questions: Will it sustain momentum in a divided market? Can it deliver long-term growth beyond the excitement of going public?
And how will broader shifts—rising interest rates, geopolitical uncertainty, or market cycles—impact low-margin, high-volume platforms?
For now, Bullish stands as a test case for institutional crypto platforms entering the public arena.
Its successful IPO, upwardly revised pricing and valuation, VIP investor backing, and focus on regulated infrastructure all speak to a maturing crypto ecosystem where investor demand and regulatory clarity are aligning to reshape how digital assets enter public markets.