#BullishIPO What is Bullish?
Bullish is a cryptocurrency exchange founded in 2021, backed by investors such as Peter Thiel, Mike Novogratz, Alan Howard, and others.
It was created as an institutional platform for digital assets, combining deep liquidity, robust infrastructure, and regulatory compliance, without the issuance of proprietary assets.
In 2023, it acquired the crypto news and data site CoinDesk, strengthening its presence in crypto media, indices, and analytics.
Important data before the IPO
In the initial filing, Bullish sought to raise up to US$ 629 million, selling approximately 20.3 million shares between US$ 28–31 each, estimating a valuation of US$ 4.2 billion.
With strong demand, it expanded to 30 million shares at US$ 32–33, seeking nearly US$ 990 million, raising the projected valuation to around US$ 4.8 billion.
Institutional investors such as BlackRock and ARK Investment expressed interest in acquiring up to US$ 200 million in shares.
IPO and debut on the NYSE
Bullish's shares debuted on the New York Stock Exchange under the ticker BLSH, with the IPO priced at US$ 37 per share — above the expected range; it raised US$ 1.1 billion and reached a valuation of US$ 5.4 billion pre-trading.
At debut, the shares surged: they opened between US$ 90 and US$ 102, reached up to US$ 118 and closed at US$ 68, appreciating about 83% — equivalent to a valuation close to US$ 10 billion.
Key highlights
Institutional focus: Unlike exchanges more geared towards retail, Bullish offers a robust structure for institutional traders.
Combination of DeFi and centralization: It utilizes a hybrid model — central limit order books (CLOB) with automated market making (AMM), seeking efficient liquidity.
Expanded ecosystem: In addition to the exchange, it provides data and news through CoinDesk, enhancing its institutional portfolio.
Favorable regulatory environment: The strong performance of the IPO was driven by advancements in stablecoin regulation in the US (GENIUS Act) and market optimism among institutional investors.