Crypto Firm Bullish Files $629M NYSE IPO Following GENIUS Act Approval

Bullish, the crypto trading platform that also owns CoinDesk, has filed to raise up to $629 million in an initial public offering on the New York Stock Exchange, according to an amended SEC filing submitted Monday. The Cayman Islands–registered firm plans to sell 20.3 million shares at a price range of $28 to $31, potentially valuing the company at $4.2 billion. If successful, the listing—under the ticker symbol BLSH—would mark one of the largest public debuts by a crypto-native company in 2025. The filing comes at a moment of renewed investor appetite for digital assets, bolstered by a regulatory shift under the GENIUS Act and rising institutional demand as Bitcoin trades above $115,000.

According to an updated F-1 filing with the U.S. Securities and Exchange Commission (SEC), Bullish aims to sell 20.3 million ordinary shares priced between $28 and $31 each. At the higher end of that range, the firm would achieve a market valuation of approximately $4.2 billion, based on its outstanding shares.

This move places Bullish among a new wave of crypto-native firms capitalizing on improved regulatory conditions and rising market confidence. Since Donald Trump’s return to office, which followed a pro-crypto campaign, the industry has seen a surge in IPO activity. Earlier this year, Circle, issuer of the USDC stablecoin, completed its public listing, alongside social trading platform eToro. Heavyweights such as BitGo and Grayscale have also filed for IPOs, while Kraken and OKX are reportedly exploring similar listings.

Bullish’s IPO is drawing significant institutional interest. Investment giants BlackRock and ARK Invest have expressed plans to purchase up to $200 million worth of shares at the offering price. Additionally, underwriters retain the option to buy an extra 3.045 million shares, depending on investor demand.

The Cayman Islands–registered company plans to trade under the ticker "BLSH", with proceeds earmarked for general corporate use, operational expansion, and potential acquisitions to strengthen its position in the evolving crypto-financial ecosystem.

Bullish isn’t just another exchange. The platform caters primarily to institutional traders, offering services such as spot trading, derivatives, and liquidity provisioning. Its infrastructure and market services are designed to meet the needs of high-volume trading firms, crypto funds, and financial institutions.

Financially, the company has posted mixed results. In Q1 of 2025, it reported a substantial $349 million net loss, after recording a full-year profit of $80 million in 2024. However, projections for Q2 suggest a turnaround, with estimated net income between $106 million and $109 million, reflecting renewed momentum.

In terms of balance sheet strength, Bullish reports over $3 billion in liquid assets, including approximately 24,000 Bitcoin, 12,600 Ether, and $418 million in cash and stablecoins. The company also maintains minor exposure to decentralized finance (DeFi) protocols, though it described these allocations as “not material” to its total asset base.

This IPO arrives on the back of what many in the industry view as a regulatory renaissance. The GENIUS Act, signed into law last month, has been widely credited with establishing a clearer, more crypto-friendly framework for U.S.-based firms. Simultaneously, a number of regulatory actions initiated during previous administrations have been reversed, boosting confidence among digital asset companies.

Bitcoin has climbed more than 22% this year, recently crossing $115,000, while the CoinDesk 20 index—tracking major crypto assets—has gained 32%. Bullish’s IPO arrives as digital asset markets rebound and investor confidence grows, following a stretch of regulatory uncertainty. With recent policy shifts in Washington, including the passage of the GENIUS Act, the listing is expected to test how far crypto firms can integrate with traditional financial markets under the current environment.

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