Bullish is planning a US IPO to raise between $568 million and $629 million, pricing shares at $28 to $31, reflecting strong institutional demand and expanding crypto market adoption.
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Bullish aims to issue 20.3 million shares, potentially valuing the company at up to $4.2 billion.
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Major investors like BlackRock and ARK Investment Management have expressed interest in purchasing up to $200 million in shares.
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The company recently acquired CoinDesk, expanding its footprint in crypto media with 4.9 million average monthly viewers.
Bullish targets a $568M-$629M IPO with strong institutional backing amid rising crypto IPO activity. Stay updated on crypto market trends with COINOTAG.
What Are Bullish’s Plans for Its Upcoming IPO?
Bullish is preparing a US initial public offering (IPO) to raise between $568 million and $629 million by issuing 20.3 million shares priced between $28 and $31. This move could value the company at approximately $4.2 billion. The IPO filing with the US Securities and Exchange Commission (SEC) shows significant institutional interest, including from BlackRock and ARK Investment Management, who plan to invest up to $200 million.
How Does Bullish’s Acquisition of CoinDesk Impact Its Market Position?
In November 2023, Bullish expanded into crypto media by acquiring CoinDesk for $72.6 million. CoinDesk ranks as the world’s second-largest crypto media outlet, attracting an average of 4.9 million unique monthly viewers in 2024. This acquisition strengthens Bullish’s market presence by combining digital asset trading with influential media reach.

Why Are Crypto IPOs Increasing in 2025?
The surge in crypto IPOs reflects growing institutional adoption and clearer regulatory frameworks in the United States. Companies like BitGo, Kraken, and OKX are also pursuing public listings. For example, Kraken aims to raise $500 million, potentially valuing the company at $15 billion, while Circle’s IPO significantly boosted its market capitalization.
What Regulatory Developments Support This Growth?
Recent US legislation, including the GENIUS Act signed into law by President Donald Trump, provides stablecoin regulatory clarity. Additionally, the House of Representatives passed bills addressing market structure and anti-CBDC measures. These developments foster a more secure environment for crypto companies to access public markets and institutional investors.

How Will Bullish Use the Proceeds From Its IPO?
Bullish plans to allocate a portion of the IPO proceeds to convert into US dollar–denominated stablecoins. This strategy aligns with its focus on serving institutional clients across more than 50 jurisdictions, excluding the US. The capital raise will support platform expansion and further integration of its crypto media assets.
Company | IPO Target | Estimated Valuation |
---|---|---|
Bullish | $568M – $629M | Up to $4.2B |
Kraken | $500M | ~$15B |
Circle | Nearly $900M | Significantly increased market cap |
Frequently Asked Questions
What is Bullish’s IPO valuation and share pricing?
Bullish plans to price its shares between $28 and $31, aiming to raise $568 million to $629 million, which could value the company at up to $4.2 billion.
How does Bullish’s acquisition of CoinDesk benefit its business?
Acquiring CoinDesk expands Bullish’s reach into crypto media, providing access to nearly 5 million monthly viewers and enhancing its institutional client offerings.
Why are crypto IPOs gaining momentum in 2025?
Improved US regulatory clarity and increased institutional interest are driving a wave of crypto companies pursuing public listings this year.
Key Takeaways
- Bullish targets a $568M-$629M IPO: Pricing shares at $28-$31, valuing the company up to $4.2 billion.
- Institutional investors show strong interest: BlackRock and ARK plan to invest up to $200 million.
- Regulatory clarity fuels crypto IPO growth: New US laws support stablecoins and market structure improvements.
Conclusion
Bullish’s upcoming IPO marks a significant milestone in the evolving crypto market, combining institutional-grade trading with influential media assets. Supported by strong investor demand and favorable regulatory developments, this offering reflects the broader trend of crypto companies entering public markets. COINOTAG will continue monitoring these developments to provide timely insights on the digital asset landscape.