Cryptocurrency exchange operator Bullish (BLSH) is set to go public on Wednesday at a valuation north of $5 billion as the IPO market looks set to continue a strong summer.
The company, which operates a crypto exchange and owns the prominent trade publication CoinDesk, said Tuesday that it had priced its IPO at $37 per share, above the $32 to $33 range the company had expected in its second shot at making a public market debut.
Bullish first attempted to go public via a SPAC merger in 2021 that would have valued the company at $9 billion, but the deal fell through after regulatory scrutiny and Bullish withdrew its registration.
This is the company’s second range increase for its latest offering, with the previous $32 to $33 per share estimate raised from an earlier range of $28 to $31 per share. At 30 million shares offered, the IPO price will see Bullish raise $1.1 billion and value the fintech company at $5.41 billion.
The company will be looking to ride the outsized success of recent go-publics like Figma (FIG) and Circle (CRCL) and serve as the latest sign that the IPO window remains wide open after a few challenging years for investors.
Through Wednesday, 2025 has so far seen 133 IPOs come to market worth more than $50 million, up more than 58% from the same time last year, according to IPO tracker and ETF operator Renaissance Capital.
Ahead of its IPO, Bullish has already garnered major institutional interest. Asset management giant BlackRock and Cathie Wood’s investment firm fund Ark Invest have expressed interest in purchasing up to $200 million worth of shares in the offering, according to securities filings.
“We now intend to IPO because we believe that the digital assets industry is beginning its next leg of growth,” said Bullish CEO Thomas Farley, previously COO and president of the NYSE Group, in a letter to investors about Bullish’s offering.
“I believe that the digital assets industry is at the inflection point of institutional adoption and Bullish is uniquely positioned at the center of this market. The compliant, institutional- focused market infrastructure model is time-tested and works, and Bullish is proud to be the one bringing this proven framework to the crypto landscape.”
Read more: Can you buy crypto with a credit card? See the pros and cons.
Bullish’s main business comes from its Bullish Exchange, a digital assets spot and derivative exchange geared toward institutional-sized clients. The operator processed an average $2.6 billion in daily volume through Q1, according to the company’s prospectus.
Bullish is also riding the coattails of this year’s hot streak of fintech IPOs. When USDC stablecoin manager Circle Internet Group went public in June, its shares soared by 168% in their first day of trading. And while the price has come down, the stock is still up more than 130% since inception.
Design software maker Figma popped even higher in its end-of-July offering, rocketing upward by more than 250% in its first day, though its price has now come back to earth, up a little more than 2% since inception.
AI infrastructure provider CoreWeave (CRWV) is up more than 280% since its March debut. Digital assets and blockchain services firm Galaxy Digital (GLXY) is up more than 18% since its own May offering.
Bullish is also riding a rally in major cryptocurrencies this year.
Bitcoin (BTC-USD) is up more than 28% since the beginning of the year, and ETH (ETH-USD) is up more than 40%. Ripple’s XRP (XRP-USD) is up more than 57%.
The public offering comes as the latest sign that Wall Street’s prediction for a lethargic IPO market in 2025 was off the money.
Jake Conley is a breaking news reporter covering US equities for Yahoo Finance. Follow him on X at @byjakeconley or email him at jake.conley@yahooinc.com.
Click here for the latest crypto news, updates, and more related to ethereum and bitcoinprices, crypto ETFs, and market implications for cryptocurrencies
Read the latest financial and business news from Yahoo Finance
