The IPO Buzz: Bullish (BLSH) Prices IPO at $37 – $4 Above Range

Bullish (BLSH) priced its IPO at $37.00 – $4.00 above the top of its recently increased range – and sold 30 million shares – the number in the prospectus – to raise $1.11 billion on Tuesday night, Aug. 12, 2025 – in one of the most highly anticipated IPOs of this hot IPO summer. Bullish, the crypto exchange and CoinDesk publisher backed by billionaire Peter Thiel, had a market cap of about $5.41 billion at pricing. Bullish (BLSH) is set to start trading today – Wednesday, Aug. 13, 2025 – on the New York Stock Exchange. Tom Farley, the CEO of Bullish, is the former president of the NYSE Group, which includes the New York Stock Exchange. J.P. Morgan and Jefferies were the lead joint book-runners. Citigroup, Cantor, Deutsche Bank Securities and SOCIETE GENERALE also served as joint book-runners. By pricing the IPO at $37.00 a share, Bullish raised about $125 million more than it would have if it had done the deal at the $32.50 mid-point of its range. Bullish increased the IPO’s size and the price range early Monday, Aug. 11, to 30 million shares at $32.00 to $33.00 to raise $975 million – up from the original terms disclosed a week earlier of 20.3 million shares at $28.00 to $31.00 to raise $598.8 million. Bullish launched its IPO on Aug. 4^th – about two weeks after President Donald Trump signed the Genius Act, the first federal law to regulate stablecoins, on July 18, 2025. Founded in 2020, Bullish (BLSH) was created “with the vision to build an institutional-grade global exchange,” according to the prospectus. Its goal is “to drive the adoption of stablecoins, digital assets, and blockchain technology.” The company is based on Grand Cayman. Bullish acquired CoinDesk in 2023. Through that acquisition, “we expanded our product offering to provide trusted insights, authoritative news, data, indices and transparent analysis to the digital assets industry while facilitating partnerships, investment opportunities, and community engagement through our flagship Consensus conference. Our October 2024 acquisition of CCData significantly expanded our data and information services integrating one of the industry’s foremost digital asset data and index providers and further cementing our best-in-class product suite.” In the prospectus, Bullish said it is “a Cayman Islands exempted company that acts as a holding company with operations primarily conducted through its subsidiaries in the Cayman Islands, Hong Kong, the United States, Singapore, the United Kingdom, Germany, and Gibraltar.” Bullish is not profitable, according to the financial statements in the prospectus.  (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com  website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and the rating is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the  shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.