13.08.2025 13:57

Bullish, a cryptocurrency exchange spearheaded by former NYSE chief Tom Farley, successfully launched its initial public offering (IPO) on the New York Stock Exchange, raising a substantial $1.1 billion. This impressive debut, exceeding expectations, underscores the burgeoning acceptance of digital assets within traditional finance.

The IPO priced 30 million shares at $37 each, significantly surpassing the initially projected range of $32 to $33. This resulted in a market valuation of approximately $5.4 billion, a testament to the strong investor interest which saw the offering oversubscribed by more than 20 times. Major investment firms, including BlackRock and ARK Invest, reportedly purchased $200 million worth of shares.

Founded in 2020 by Block.one, Bullish caters to institutional investors and high-frequency traders, offering a robust platform for spot trading, margin products, and derivatives. The exchange prioritizes deep liquidity, robust security, and regulatory compliance, critical elements for attracting major financial players. JPMorgan Chase, Jefferies Financial Group, and Citigroup acted as lead underwriters for the IPO. Shares now trade under the ticker symbol BLSH.

A key differentiator for Bullish is its strategic integration of stablecoin-backed liquidity. The company's filings with the Securities and Exchange Commission (SEC) revealed liquid assets totaling $3 billion, encompassing Bitcoin, Ethereum, fiat currency, and stablecoins. This substantial reserve underlines Bullish's commitment to providing a secure and reliable trading environment for institutional clients. This significant capital injection, coupled with high-profile backers like Peter Thiel, positions Bullish as a key player in the evolving landscape of institutional crypto trading.