Bullish Global Prices IPO at $37, Valuing Company at $5.4 Billion

Hong Kong, China – Bullish Global, a cryptocurrency exchange, has priced its initial public offering (IPO) at $37 per share on Wednesday, February 19, 2025. This pricing exceeds the expected range of $32 to $33, resulting in a total market valuation of $5.4 billion.

The company intends to raise $1.1 billion by offering 30 million shares in the IPO. Increased investor interest prompted Bullish to expand its offering from an initial 20.3 million shares, which were originally proposed at prices between $28 and $31.

Bullish’s underwriters, led by JPMorgan, Jefferies, and Citigroup, have been granted a 30-day option to sell an additional 4.5 million shares. The company’s stock will trade on the New York Stock Exchange under the ticker symbol ‘BLSH.’

Notable investors including BlackRock and Cathie Wood‘s ARK Investment Management have expressed interest in purchasing up to $200 million worth of shares. Bullish, which is headed by former New York Stock Exchange President Tom Farley and headquartered in the Cayman Islands, focuses on institutional investors by combining decentralized finance protocols with centralized security.

Since its launch in 2021, Bullish’s platform has achieved a total trading volume exceeding $1.25 trillion as of March 31. Additionally, Bullish owns CoinDesk, a crypto news website that offers indexes, data, and analytics regarding the cryptocurrency market.

This IPO represents Bullish’s second attempt to go public in four years, encouraged by backing from billionaire Peter Thiel and the favorable regulatory environment towards cryptocurrency under the Trump administration, which has invigorated capital markets this year.

In a recent move, another stablecoin issuer raised over $1 billion, reflecting the growing trend of crypto-related companies seeking U.S. listings. Crypto custody startup BitGo and crypto exchange Gemini have also filed confidentially for listings.