Bullish Targets $4.2 billion IPO Backed by BlackRock, ARK

- Plans to issue 20.3 million shares priced between $28 and $31, targeting up to $629 million. - The IPO could value the company at $4.2 billion with backing from major institutional investors. On August 4, 2025, Cointelegraph reported that digital asset exchange and media firm Bullish plans to raise up to $629 million through an initial public offering (IPO), which could value the company at up to $4.2 billion. Bullish serves institutional clients in more than 50 jurisdictions outside the United States and aims to list its shares on the New York Stock Exchange under the ticker symbol BLSH during the week of August 11, 2025. Bullish plans to issue 20.3 million shares at a price between $28 and $31 each and has attracted significant interest from institutional investors. For instance, subsidiaries of BlackRock and ARK Investment Management have indicated plans to purchase up to $200 million worth of stock at the offering price. As part of its strategy, Bullish will convert a portion of the IPO proceeds into U.S. dollar-denominated stablecoins. In addition to operating a crypto exchange, Bullish owns CoinDesk, a leading crypto-focused media outlet. The company acquired CoinDesk from Digital Currency Group in November 2023, expanding its influence within the cryptocurrency ecosystem. Bullish's decision to go public aligns with a broader trend of crypto-focused companies entering public markets, driven by increasing institutional adoption and evolving regulatory frameworks. Recent developments, such as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, provide greater regulatory clarity for stablecoins by requiring 1:1 reserves and adherence to anti-money laundering protocols. These rules build confidence in the sector and encourage companies like Bullish to pursue public offerings. Other crypto firms, including BitGo, Kraken, and Circle, have also recently filed for or completed IPOs, highlighting this growing movement. The timing and strategy of Bullish's IPO reflect the rising demand for digital assets among institutional investors as the sector gains broader acceptance and regulatory support.