#BullishIPO Beginnings: In August 2025, Bullish presented its preliminary offer to the market, planning to sell 20.3 million shares at $28–$31 per share, aiming to raise up to ~$629 million, which implied a valuation of about $4.2 billion.

Expansion: Shortly after, they adjusted their strategy: 30 million shares at $32–$33, with a fundraising target close to $990 million and a valuation of $4.8 billion.