Bullish plans to raise up to $629 million through a US IPO by offering $20.3 million shares on the NYSE.
BlackRock and Ark funds have shown interest in buying $200 million worth of shares but no deal is confirmed yet.
Bullish will use IPO proceeds for stablecoin conversion daily operations and possible future acquisitions and growth.
Bullish has confirmed its plan to sell $20.3 million ordinary shares in its U.S. initial public offering. The crypto exchange set the expected price range between $28 and $31 per share. If priced at the top end, Bullish could raise up to $629 million. The offering values the company at approximately $4.23 billion.
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The shares will trade on the New York Stock Exchange under the ticker “BLSH.” The exchange is backed by investor Peter Thiel and focuses on institutional digital asset trading. Shares will carry a nominal value of $0.02 each. The final size and terms of the offering will depend on market conditions.
Key Investors Signal Interest
Funds managed by BlackRock and Ark Invest have expressed interest in purchasing up to $200 million in shares. However, no agreements have been made at this stage. Underwriters may decide to sell more, fewer, or no shares to these funds.
Lead underwriters for the IPO include J.P. Morgan, Jefferies, and Citigroup. These firms will oversee the offering process and allocation. Bullish’s latest filing confirms this expected involvement from major investment institutions.
Planned Use of IPO Proceeds
Bullish intends to use the funds raised for corporate operations and working capital. The company also plans to allocate some proceeds to potential future acquisitions. A significant portion of the net proceeds may be converted into U.S.-dollar stablecoins.
This move aligns with Bullish’s strategy to expand its liquidity offerings to crypto issuers and stablecoin providers. The company seeks to expand in a more regulated U.S. system after new federal policies. Recent legislative developments have also indicated improvements towards a more definitive crypto governance.
Regulatory Climate and Market Position
Bullish is positioning itself to benefit from recent policy updates such as the GENIUS Act. The company believes a friendlier regulatory environment could boost its U.S. business. Its registration with the SEC and listing application follow broader crypto market trends.
The firm disclosed its crypto holdings as of June 30, 2025. Bullish holds stablecoins, Bitcoin, and Ethereum valued at over $231,000. It also reported intangible crypto assets worth about $1.9 million.
Bullish is not alone in its public ambitions. Crypto firms like Kraken, Gemini, and BitGo are also seeking IPOs in the U.S. Grayscale has filed to go public as well. These companies aim to follow the path of stablecoin issuer Circle, which raised over $1 billion through its IPO in June.
