Cryptocurrency exchange Bullish has formally filed for an initial public offering (IPO) seeking a valuation nearing $4.2 billion. The company plans to offer 20.3 million shares at a price range between $28 and $31 per share.
This move aims to raise up to approximately $629 million for the exchange. Bullish CEO Tom Farley positioned the filing as a significant indicator of robust confidence in cryptocurrency market growth and underscores the exchange’s commitment to navigating the evolving regulatory landscape.
Bullish has demonstrated notable operational progress, reporting a substantial 78% increase in trading volumes during the recent first quarter compared to the same period last year.
The filing places Bullish among a growing cohort of major cryptocurrency exchanges actively pursuing public listings. Signalling heightened competition and institutional interest, other prominent platforms including OKX, Kraken, and Gemini are reportedly considering their own IPO moves.
Going public is anticipated to bolster Bullish’s market credibility, enhance its institutional-grade infrastructure, and provide improved access to growth capital within the expanding digital asset sector.