Bullish Considers $568M-$629M US IPO Amid Growing Institutional Interest and Crypto Market Developments
Main Idea
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 aiming for a valuation of up to $4.2 billion.
Key Points
1. Bullish's IPO filing with the SEC shows significant institutional interest, including from BlackRock and ARK Investment Management, who plan to invest up to $200 million.
2. Bullish acquired CoinDesk for $72.6 million in November 2023, strengthening its market presence by combining digital asset trading with influential media reach.
3. The surge in crypto IPOs in 2025 reflects growing institutional interest and regulatory clarity, with companies like Kraken and Circle also pursuing public listings.
4. Bullish plans to allocate a portion of the IPO proceeds to convert into US dollar–denominated stablecoins.
5. Recent US legislation, including the GENIUS Act, provides stablecoin regulatory clarity, supporting the growth of crypto companies accessing public markets.
Description
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