Bullish, the operator of the Bullish Exchange, is stepping into the public arena with plans to raise as much as $629 million through its initial public offering (IPO) on the New York Stock Exchange. The company announced its intentions to sell 20.3 million ordinary shares at a price range of $28 to $31 per share, which could value the firm at a staggering $4.2 billion. This move marks yet another significant stride for crypto firms seeking to capitalize on the favorable market conditions that have emerged since the beginning of the Trump administration.
A New Era for Crypto IPOs
The crypto landscape is witnessing a surge in IPO activity, with Bullish joining the ranks of other prominent firms such as Circle and eToro, which also went public earlier this year. This trend underscores a growing confidence in the sector, driven by a more accommodating regulatory environment. As noted by industry analyst Jamie Thurston, “The shift in policy has undeniably fueled a bullish sentiment across the board. Companies are eager to leverage this window of opportunity.” This sentiment is echoed in Strategy’s recent efforts to raise $4.2 billion via preferred stock, highlighting a broader trend of crypto firms seeking substantial capital to bolster their market positions.
Notably, Bullish’s IPO has caught the attention of heavyweight investment firms like BlackRock and ARK Investment Management, which have expressed interest in snapping up shares worth up to $200 million. The offering’s underwriters have the option to purchase an additional 3.045 million shares, depending on demand—an indication of the high stakes involved.
The Strategy Behind the Numbers
Bullish’s financial strategy appears robust, as outlined in its recent filings with the Securities and Exchange Commission. The firm plans to use the proceeds from the IPO to fortify its general corporate coffers and potentially pursue future acquisitions. With a net income estimate ranging between $106 million and $109 million for Q2 2025, the company seems well-positioned for growth, despite posting a substantial $349 million loss in Q1.
The company’s financial health is further bolstered by its impressive holdings of over $3 billion in liquid assets, which include 24,000 bitcoin, 12,600 ether, and more than $418 million in cash and stablecoins. According to their filings, these assets also comprise funds allocated to decentralized finance protocols, although, intriguingly, the company regards these as “not material” to the total. This mirrors the strategic moves by other firms, such as Strategy’s focus on expanding its Bitcoin treasury, as they aim to dominate the market.
The Trump Factor and Market Dynamics
The crypto sector’s current upswing can be traced back to the regulatory changes implemented under the Trump administration, including the recent enactment of the GENIUS Act. This legislation, alongside the cessation of previous legal actions against leading industry players, has created a fertile ground for crypto innovation and expansion.
This regulatory transformation has not only buoyed traditional market players but has also contributed to a significant uptick in crypto valuations. Bitcoin, for instance, has seen its price leap over 22% this year, trading around an eye-popping $115,000. Meanwhile, the broader market, as measured by the CoinDesk 20 index, has surged by 32%.
Looking Ahead
As Bullish prepares to step into the limelight with its IPO, questions linger about the sustainability of this upward trajectory. Will the current regulatory environment continue to support such growth, or could potential policy shifts alter the landscape? For now, investors and industry watchers alike will be keeping a close eye on Bullish’s performance—and the broader crypto market—as this new chapter unfolds.
The anticipation surrounding Bullish’s public debut underscores a broader narrative within the crypto world: a sector that is rapidly maturing, yet still fraught with uncertainties. As the markets navigate these uncharted waters, one thing remains clear—crypto’s journey is far from over.
Source
This article is based on: Crypto Firm Bullish Seeks to Raise Up to $629M in New York Share Sale
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
