The IPO Buzz: Bullish (BLSH Proposed) Launches $598.9 Million IPO

Bullish (BLSH Proposed), the parent of Bullish, the global crypto exchange platform, and CoinDesk, an information services business, disclosed the terms for its $598.9 million IPO early today – Monday, Aug. 4, 2025 – and launched the deal to price next week. Bullish is offering 20.3 million shares at a price range of $28.00 to $31.00 to raise $598.85 million – if priced at the $29.50 mid-point of its range. Bullish would have a market cap of about $4.03 billion at pricing. This is a New York Stock Exchange listing. J.P. Morgan, Jefferies and Citigroup are the lead joint book-running managers. Cantor, Deutsche Bank Securities and SOCIETE GENERALE are joint book-runners. The co-managers are Canaccord Genuity and Keefe, Bruyette & Woods (A Stifel Company), Oppenheimer & Co. and Rosenblatt, according to the prospectus. Bankers intend to price the Bullish (BLSH Proposed) IPO next week – on Tuesday night, Aug. 12, 2025 – to trade Wednesday, Aug. 13, 2025 – on the NYSE. BlackRock and ARK Investment Management have indicated an interest separately in buying up to $200 million of stock in the IPO, according to the prospectus. Former NYSE President Thomas W. Farley is the CEO of Bullish, the prospectus said. “Bullish was founded in 2020 with the vision to build an institutional-grade global exchange enabling optimized execution powered by a customizable, compliance-first infrastructure,” the prospectus said. It intends to “drive the adoption of stablecoins, digital assets and blockchain technology,” according to the prospectus. “Reflecting our strong market presence, the Bullish Exchange’s total trading volume since launch has exceeded $1.25 trillion as of March 31, 2025,” the prospectus said. “Our total global spot trading volume market share for Bitcoin (BTC/USDx) and Ethereum (ETH/USDx)was approximately $284.8 billion and $144.5 billion, respectively, in 2024, which we believe based on available information represented approximately 35 percent and 44 percent, respectively, among the peer set of exchanges with which we compare ourselves,” Bullish said in the prospectus. In 2023, Bullish acquired CoinDesk, a media and data company that focuses on crypto. Through the CoinDesk acquisition, Bullish expanded its “product offering to provide trusted insights, authoritative news, data, indices and transparent analysis to the digital assets industry,” the prospectus said. Bullish, the parent company, is incorporated in the Cayman Islands with a principal office address on Grand Cayman. Bullish has a U.S. address in Wilmington, Delaware, according to the prospectus. Bullish was not profitable for the 12 months that ended March 31,2025, according to 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.