In a stunning display of investor fervor, Bullish, the cryptocurrency exchange that owns CoinDesk, crashed through its IPO target, pricing shares at a staggering $37 apiece—far above its expected range of $32–$33 — and raising a jaw-dropping $1.11 billion. This positions the firm at a market valuation of $5.41 billion, signaling renewed enthusiasm for crypto on Wall Street.$LDO
A Massive Leap in Confidence
What was originally pitched as a modest IPO has turned into a blockbuster event. Bullish’s earlier filing outlined a plan to sell 30 million shares at $32–$33, aiming for a $990 million raise and a $4.8 billion valuation. Instead, the pricing bonanza exploded beyond these figures—obliterating expectations.
Crypto’s Comeback Kid$CRV
This is not just a successful IPO—it’s a crypto comeback. Bullish’s triumph follows a multi-year IPO drought for crypto firms and arrives amid a regulatory thaw. Underwriters JPMorgan, Jefferies, and Citigroup led the charge, while institutional heavyweights including BlackRock and ARK Invest pledged up to $200 million in shares.$ARK
From Losses to Profits—An Explosive Turnaround
Bullish’s financial transformation is equally astonishing. After suffering losses in late 2024 and Q1 2025, the company now projects a Q2 net income of up to $109.1 million—a dramatic pivot that adds fuel to the Wall Street fire.
More Than Trading: Media Meets Markets
Owning CoinDesk, Bullish has become both a crypto exchange and a media powerhouse. Since acquiring CoinDesk in late 2023, the firm has woven a powerful narrative that blends trading, news, and institutional adoption.
Why It Matters
Crypto Goes Mainstream: Price mania around Bitcoin (hovering near $120,000) combined with pro-crypto policies—like the "Genius Act"—has created a fertile environment for mainstream adoption.
Institutional FOMO: The IPO signals surging institutional appetite—a dramatic shift from crypto’s speculative past.
Broader Implications: Bullish joins the ranks of other crypto IPO giants this year, including Circle (CRCL), whose success paved the way.
