The move comes as friendlier regulations under the Trump administration and the recently passed GENIUS Act boost appetite for digital asset equities.
According to its August 4 filing, Bullish plans to sell 20.3 million shares at a price range of $28–$31, aiming to raise as much as $629 million. Should the offering price land at the top of that range, the company will still enter the market at less than half the $9 billion valuation it chased during a failed 2021 SPAC deal that was abandoned in 2022 amid regulatory uncertainty.
Led by former NYSE president Thomas Farley, Bullish says a significant portion of IPO proceeds will be converted into U.S. dollar-backed stablecoins through regulated issuers. This reflects a growing industry trend of holding reserves in digital dollars to facilitate faster, on-chain settlement.
The company’s early 2025 financials showed a $349 million quarterly loss, attributed mostly to valuation swings in its crypto portfolio. Analysts, however, are expected to pay closer attention to exchange revenues and operating margins, particularly given the platform’s focus on institutional trading infrastructure.
The IPO will be underwritten by J.P. Morgan, Jefferies, and Citigroup, with shares set to trade on the NYSE under the ticker BLSH. If successful, Bullish’s listing will follow closely after Coinbase’s earnings report, which revealed lower Q2 profits on subdued trading activity — but also hinted that investors are shifting toward long-term plays in the digital assets sector.
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