Catenaa, Wednesday, August 13, 2025- Cryptocurrency exchange operator Bullish is set to go public on Wednesday at a valuation north of $5 billion as the IPO market looks set to continue a strong summer.
The company, which operates a crypto exchange and owns the prominent trade publication CoinDesk, said Tuesday that it had priced its IPO at $37 per share, above the $32 to $33 range the company had expected in its second shot at making a public market debut.
Bullish first attempted to go public via a SPAC merger in 2021 that would have valued the company at $9 billion, but the deal fell through after regulatory scrutiny, and Bullish withdrew its registration.
This is the company’s second range increase for its latest offering, with the previous $32 to $33 per share estimate raised from an earlier range of $28 to $31 per share.
At 30 million shares offered, the IPO price will see Bullish raise $1.1 billion and value the fintech company at $5.41 billion.
The company will be looking to ride the outsized success of recent go-publics like Figma and Circle and serve as the latest sign that the IPO window remains wide open after a few challenging years for investors.
Through Wednesday, 2025 has so far seen 133 IPOs come to market worth more than $50 million, up more than 58% from the same time last year, according to IPO tracker and ETF operator Renaissance Capital.
Ahead of its IPO, Bullish has already garnered major institutional interest. Asset management giant BlackRock and Cathie Wood’s investment firm fund Ark Invest have expressed interest in purchasing up to $200 million worth of shares in the offering, according to securities filings.
“We now intend to IPO because we believe that the digital assets industry is beginning its next leg of growth,” said Bullish CEO Thomas Farley, previously COO and president of the NYSE Group, in a letter to investors about Bullish’s offering.
