Bullish's IPO could be a significant milestone for the cryptocurrency industry. Let's understand why this application is important and what consequences it may have for the industry.
What happened?
Bullish has filed for IRO (Initial Registration Offering):
Goal: to raise up to $29 million
At a valuation of: $4.2 billion
The exchange is supported by Block.one (developer of EOS), Peter Thiel, Mike Novogratz, and others.
Bullish previously attempted to go public via SPAC, but the deal with Far Peak Acquisition in 2022 fell through.
Now the company is using a new form of market entry — IRO — as a hybrid between IPO and SPAC.
Why is this important?
1. Renewed interest in crypto IPOs
Bullish could become the first major cryptocurrency exchange after Coinbase to go public in the USA (following a series of regulatory disputes in 2022-2023). The success of such a placement could open doors for:
DeFi platforms (e.g., dYdX, Uniswap Labs)
Web3 startups (e.g., Alchemy, ConsenSys)
Crypto banks and custodians (e.g., Anchorage, Fireblocks)
2. Positive signal for institutional investors
An open and regulated fundraising structure means increased trust. Investors who previously avoided private rounds will now be able to enter through the stock market.
3. Possible trigger for the 'second wave' of IPO
If Bullish shows successful trading in the first months after listing:
other companies will be less afraid of regulatory pressure
venture investors will have the opportunity for an exit
overall interest in public blockchain companies will increase
An interesting nuance:
Bullish owns CoinDesk — one of the largest crypto media outlets. This creates a rare example of a crypto company with vertical integration: from liquidity to influence in the information space.