CoinDesk's owner shows enthusiasm and aims at securing $629 million through an Initial Public Offering (IPO)
Bullish Goes Public: Crypto Exchange Lists on NYSE with $4.3 Billion Valuation
In a significant move for the crypto industry, Bullish, a leading crypto exchange and media company, has filed for an initial public offering (IPO) and is set to list on the New York Stock Exchange (NYSE) under the ticker "BLSH." The offering aims to raise between $568 million and $629 million, potentially valuing the company at approximately $4.3 billion.
Financially, Bullish has experienced a challenging quarter, reporting a net loss of $349 million in Q1 2025. However, the company is optimistic about the future, projecting a net income of around $106-109 million for Q2 2025.
The company's substantial liquid assets, totalling over $3 billion, provide a strong foundation for its operations. This includes large holdings of cryptocurrency (24,000 bitcoin and 12,600 ether), as well as over $418 million in cash and stablecoins. The asset base underpins its institutional trading platform and liquidity services.
Bullish has reported a total trading volume exceeding $1.25 trillion since its launch and revenue of $167 million for the 12 months ending March 31, 2025.
Strategically, Bullish aims to integrate cryptocurrency with traditional finance, emphasizing stablecoin usage to enhance liquidity and reduce volatility in crypto settlements. The company plans to allocate a significant portion of its IPO proceeds into USD stablecoins, positioning itself as a pioneer in bridging blockchain technology with institutional trading systems.
The recent surge in crypto IPO activity coincides with regulatory progress in the United States and growing institutional adoption of digital assets. The House of Representatives has passed two additional bills focused on market structure and anti-CBDC measures.
Other crypto-focused companies are also pursuing public listings, including Crypto exchange Kraken, which plans to raise $500 million through an IPO, potentially valuing the company at approximately $15 billion.
The underwriters of the Bullish IPO have the option to purchase an additional 3.045 million shares, depending on demand. If approved, Bullish shares could begin trading as early as August 12, 2025.
Major institutional investors, including accounts managed by BlackRock and ARK Investment Management, have shown interest in purchasing up to $200 million worth of shares at the IPO price.
In November 2023, Bullish expanded its business by acquiring CoinDesk from Digital Currency Group for $72.6 million. CoinDesk, now owned by Bullish, has become the world's second-largest crypto media outlet by readership, with an average of 4.9 million unique monthly viewers in 2024.
Meanwhile, Circle, a stablecoin issuer, completed one of the most successful crypto stock offerings of the year, adding billions to its market cap following the launch of its CRCL shares. BitGo has also filed for a U.S. public offering without disclosing the number of shares or targeted valuation.
As Bullish navigates the volatile crypto market, its public listing and strategic focus on bridging the gap between crypto and traditional finance position it as a key player in the maturing crypto industry.
Investing in technology-driven financial businesses like Bullish, a crypto exchange going public on the NYSE with a $4.3 billion valuation, offers potential returns for those interested in the intersection of technology and business. Despite a quarterly net loss, Bullish plans to allocate a significant portion of its IPO proceeds into USD stablecoins, aiming to bridge blockchain technology with institutional trading systems and reduce volatility in crypto settlements.
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