BLSH IPO PRICED AT $37, VALUATION ~$5.41B — CRYPTO’S CAPITAL WINDOW REOPENS
📌 Bullish sold 30M shares at $37/share, raising about $1.11B and valuing the company at roughly $5.41B. Trading on the NYSE starts today (Aug 13, 2025) under ticker BLSH. A 4.5M-share greenshoe is in place for stabilization. Bullish is “institutional-first,” owns CoinDesk, and is led by former NYSE president Tom Farley.
💡 The edge: a combined “matching + data + indices” stack through CoinDesk, which can lift margins and create higher competitive barriers than a pure trading venue. Strong institutional demand is evident from pricing above the range and a thick order book. A “crypto-native” treasury—keeping part of IPO proceeds in USD stablecoins—adds liquidity flexibility and captures short-term yields.
⚠️ Key risks: high sensitivity to crypto price/volume cycles; direct competition on fees, liquidity, and derivatives with major exchanges; evolving multi-jurisdiction compliance that can shift operating costs.
⏱️ Near term, an opening-day “pop” is plausible if BTC/ETH hold their tone, backed by a robust order book and top-tier underwriters. After the initial burst, a retest of the IPO area is possible; the greenshoe helps buffer volatility but won’t eliminate swings if crypto cools. The flexible treasury is a differentiator, enabling faster ramp-up of liquidity and derivatives when conditions are favorable.
🔎 What to watch this week: opening-auction supply/demand balance and volumes; correlation with BTC/ETH and spot-ETF flows; updates on use of proceeds (stablecoin allocation, product/derivatives/data expansion).
✅ Bottom line: Bullish is debuting “on-cycle”—clear institutional demand, valuable data assets, and a flexible treasury. The short-term bias leans constructive, but risk discipline is essential as BLSH tracks crypto beta and faces intense industry competition.
