Key Metrics
81.43
Heat Index-
Impact LevelHigh
-
Scope LevelNational
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Last Update2025-08-13
Key Impacts
Positive Impacts (5)
Event Overview
This event reflects heightened investor confidence in cryptocurrency-related equities amid shifting regulatory landscapes. The IPO's pricing above projected ranges and substantial valuation growth highlight institutional demand for digital asset platforms, signaling market optimism toward crypto sector valuations despite ongoing volatility. The listing underscores the expanding integration of crypto infrastructure into traditional financial markets.
Collect Records
Bullish Surges Over 200% in NYSE Debut After $37 IPO
On August 13, 2025, crypto exchange operator Bullish debuted on the New York Stock Exchange (NYSE) under the ticker symbol BLSH, following an initial public offering (IPO) priced at $37.00 per share. The IPO involved 30,000,000 ordinary shares, raising approximately $1.11 billion. This pricing was above its previously upsized marketed range of $32 to $33 per share and well above the original range of $28 to $31 per share. Bullish had initially sought to raise $629 million by offering 20.3 million shares.
Bullish’s shares opened at $90 on the NYSE at approximately 1 p.m. ET, representing a 143% increase from the IPO price and more than doubling in value. The surge in share price resulted in a market capitalization exceeding $16 billion. Investors responded strongly, marking it as another significant IPO for the cryptocurrency sector after a prolonged lull in public listings.
The company, headquartered in the Cayman Islands, operates a digital asset exchange and owns the cryptocurrency news website CoinDesk. Bullish is led by CEO Tom Farley, former president of the NYSE, and chairman Brendan Blumer.
The IPO granted underwriters a 30‑day option to purchase up to an additional 4,500,000 ordinary shares at the IPO price, excluding underwriting discounts and commissions. The offering’s lead bookrunning managers were J.P. Morgan and Jefferies, with Citigroup as joint bookrunning manager. Cantor, Deutsche Bank Securities, and Société Générale served as additional bookrunning managers, while Canaccord Genuity, Keefe, Bruyette & Woods (a Stifel company), Oppenheimer & Co., and Rosenblatt acted as co‑managers.
The offering is scheduled to close on August 14, 2025, subject to customary closing conditions. A registration statement for the securities was filed with the U.S. Securities and Exchange Commission (SEC) and became effective on August 12, 2025. The IPO is being made only by means of a prospectus available through official SEC channels.
Bullish Prices IPO at $37 Per Share, Valuing Crypto Exchange Above $5 Billion
Crypto exchange Bullish has priced its initial public offering at $37 per share, giving the company a valuation exceeding $5 billion. The stock is set to begin trading today in its market debut. Bullish, the owner of digital asset news outlet CoinDesk, set the IPO price ahead of its first day of trading, positioning it as one of the largest recent offerings in the cryptocurrency sector. The offering price will serve as an important test of investor demand for crypto-related equities following market fluctuations in digital assets. The IPO follows regulatory approval and the completion of required filings. Bullish will list its shares on a public exchange where trading is scheduled to commence today.
Bullish Launches Initial Public Offering Targeting Up to $4.2 Billion Valuation
On August 4, 2025, Bullish, an institutionally focused global digital asset platform headquartered in the Cayman Islands, announced the launch of the roadshow for its initial public offering (IPO) in the United States. The company is offering 20,300,000 ordinary shares and intends to grant underwriters a 30-day option to purchase up to 3,045,000 additional ordinary shares at the initial public offering price, less underwriting discounts and commissions. The expected IPO price range is between $28.00 and $31.00 per ordinary share. At the upper end of this range, the offering could raise up to approximately $629 million and value the company at up to $4.2 billion.
Bullish has applied to list its ordinary shares on the New York Stock Exchange under the ticker symbol "BLSH." The proceeds from the offering are intended for general corporate and working capital purposes, including funding potential future acquisitions. The completion of the offering remains subject to market conditions, and there is no guarantee regarding its final terms or timing.
The IPO is being conducted through a prospectus, with additional information available on the U.S. Securities and Exchange Commission’s EDGAR system or from J.P. Morgan, the underwriter.
Bullish Files for US IPO Seeking Up to $629 Million and $4.2 Billion Valuation
Bullish, a digital asset exchange and the owner of the crypto media site CoinDesk, has filed for an Initial Public Offering (IPO) in the United States. According to its filing with the Securities and Exchange Commission (SEC), Bullish aims to raise up to $629 million through this IPO. The company is targeting a valuation of up to $4.2 billion. Bullish is backed by Peter Thiel and operates in the cryptocurrency and digital assets sector. The filing comes as the U.S. moves toward clearer regulatory guidelines for digital assets, and more crypto firms are beginning to seek entry into public markets. No further details about the IPO process, dates, or underwriters were provided in the publicly available content.