Bullish is ready to join the public market party, and they’re bringing some serious firepower. The crypto exchange just dropped its filing, revealing plans to offer 20,300,000 ordinary shares and raise up to $629 million. Not bad for a company looking to ride the growing wave of digital asset interest, right? The IPO pricing is between $28 and $31 per share, and Bullish is gearing up to use the funds for general corporate operations, working capital, and maybe even some cheeky acquisitions.
But hold up. Before you start imagining dollar signs, the exchange did warn that "market conditions" could throw a wrench in the plans. No one knows exactly when or how big the offering will be, you know, typical IPO uncertainty. Still, we’re all watching to see how it pans out.
Crypto IPO Momentum is Building
Once the IPO goes live, Bullish will list on the New York Stock Exchange under the ticker “BLSH.” Yep, that’s right, BLSH. Is this the start of crypto becoming a permanent fixture in the public stock market? It sure feels like it.
And Bullish isn’t the only one. Just days after filing Form F-1 with the U.S. Securities and Exchange Commission in July, the platform is looking to tap into the massive momentum happening in the crypto world right now. With the U.S. making strides towards regulatory clarity for cryptocurrencies (hello GENIUS Act and Project Crypto), crypto companies are rushing to make their mark. Coinbase is already in the game, and Circle made its debut in June, blasting its stock price more than 400% above its listing price, despite the overall crypto chaos.
Meanwhile, Grayscale Investments is also on the IPO path, and platforms like OKX and BitGo are considering the same move. Bullish, making its second attempt at going public, is clearly hoping to join this crypto IPO frenzy and ride the wave.
Apart from the U.S., Bullish is regulated in Germany, Hong Kong, and Gibraltar. Looks like they’re preparing to go global, or at least keep their options open. So, what’s the verdict? Will Bullish crack the IPO code? Time will tell, but they’re certainly making a bold play.
Alex Shepel
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