Bullish Aims $4.2B Valuation as Crypto IPO Demand Surges

Crypto Spotlight: Bullish Preps IPO

Bullish, the crypto exchange and media company behind CoinDesk, has quietly filed for a U.S. IPO under symbol BLSH. The latest filings suggest the Cayman-based firm is seeking a valuation around $4.2 billion, with plans to raise up to $629 million. Institutional giants like BlackRock and ARK Invest have already expressed interest, lining up to back this bid for broader crypto adoption.

A Surge of Institutional Support

Bullish isn’t flying solo. Investor accounts managed by BlackRock and ARK are reportedly ready to commit up to $200 million to the offering. That level of support signals not just confidence in Bullish, but enthusiasm for crypto-native firms listing on public markets.

Listing Ambitions: NYSE or Bust

Bullish aims to hit the New York Stock Exchange with ticker BLSH, backed by heavyweight underwriters like J.P. Morgan, Jefferies, and Citigroup. Although Q1 2025 saw financial losses, the company still holds $1.9 billion in liquid assets, combining fiat, Bitcoin, stablecoins, and more.

A Wave of Crypto IPOs Hits Mainstream

Bullish’s filing follows a clear industry trend: Circle’s explosive 168% IPO launch, Gemini’s S-1 filing, and rumors of Kraken and BitGo preparing U.S. listings. Circle’s success showed that institutional demand is real and that public markets are opening doors wide for crypto infrastructure firms.

Why This Matters to Crypto Finance

Bullish’s move signals a significant turning point. With regulatory clarity improving thanks in part to legislation like the GENIUS Act crypto firms are now crafting formal paths to public markets. It’s a shift from speculative token hype to credible, infrastructure-based financial plays.