In a market where crypto IPOs have become as fashionable as they are volatile, Bullish—the Cayman Islands-based exchange backed by an eclectic roster of institutional heavyweights including Peter Thiel, BlackRock, and Japanese banking giant Nomura—has upsized its public offering to a hefty $990 million, pricing 30 million shares between $32 and $33 each.
The company’s ambitious valuation target of $4.8 billion (assuming investors embrace the upper pricing tier) represents a considerable leap from its initial filing, which contemplated 20.3 million shares at a more modest $28-$31 range. This upward revision suggests either remarkable confidence or remarkable audacity—perhaps both—as Bullish positions itself among 2025’s most substantial crypto public debuts.
BlackRock and Ark Invest have committed to purchasing $200 million worth of shares, lending institutional gravitas to what might otherwise appear as another speculative crypto venture. The timing proves fortuitous: Circle’s stablecoin-focused IPO earlier this year raised $1.05 billion and subsequently surged over 500%, demonstrating Wall Street’s renewed appetite for regulated crypto infrastructure plays. Circle’s IPO was supported by 15 investment banks, including major Wall Street firms like J.P. Morgan, Citigroup, and Goldman Sachs. The stablecoin company’s debut represented a broader market shift where stablecoins are increasingly recognized as programmable dollars within traditional financial systems.
Bullish operates with licenses across Germany, Hong Kong, and Gibraltar—a regulatory trifecta that provides access to both Western institutional capital and Asian trading flows. The company’s ownership of CoinDesk adds a media dimension that theoretically enhances market intelligence capabilities, though whether publishing crypto news translates to trading advantages remains an open question.
Under CEO Tom Farley, the former NYSE president whose appointment signals institutional ambitions, Bullish reported estimated net income of $106-$109 million for Q2 2025, marking a notable turnaround from previous quarterly losses. The IPO proceeds will fund expansion efforts and potential acquisitions of distressed competitors—a strategy that could prove prescient given crypto’s notorious boom-bust cycles. The timing coincides with the GENIUS Act’s passage through the Senate, which establishes federal oversight for the $200 billion stablecoin market and could reshape regulatory dynamics across crypto infrastructure companies.
The broader context includes forthcoming public offerings from Kraken and Grayscale, suggesting a coordinated march toward legitimacy among crypto’s established players. Whether traditional equity markets can absorb this influx of crypto-native firms without experiencing indigestion remains to be seen, though Circle’s reception offers encouraging precedent for those willing to embrace regulatory compliance over libertarian idealism.
