Golden Finance reports that the digital asset exchange Bullish and its subsidiary CoinDesk have submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC). According to the application documents, Bullish plans to issue 20.3 million shares, with an offering price range of $28-$31 per share, aiming to raise a maximum of $629 million, corresponding to a company valuation of approximately $4.2 billion. Bullish's business scope includes spot trading of digital assets, leveraged trading, and derivatives trading, while also providing liquidity services to stablecoin issuers. Financial data shows that the company's digital asset sales reached $80.2 million in the first quarter of 2025, with a net loss of $349 million. Bullish acquired the cryptocurrency media platform CoinDesk for $72.6 million in 2023.