Key Details

Bullish submits updated S-1 with SEC outlining plans to raise between $568 million and $629 million by offering 20.3 million shares.

Potential valuation tops $4.2 billion.

Shares could debut as early as August 12th.

Subsidiaries of BlackRock and ARK Investment Management have voiced interest in acquiring shares valued at up to $200 million.

Post-IPO proceeds will partly be converted into US dollar stablecoins.

Bullish operates a digital asset platform serving institutional clients across over 50 jurisdictions globally (excluding the US). The firm expanded into crypto media by acquiring CoinDesk from Digital Currency Group for $72.6 million in November 2023.

CoinDesk ranks as the world’s second-largest crypto media outlet by audience, averaging 4.9 million unique monthly viewers in 2024.

Crypto IPO Momentum Persists

Bullish is part of an ongoing trend of crypto companies pursuing public listings. Earlier this month, digital custodian BitGo initiated its US IPO process.

Cointelegraph previously reported that exchange Kraken is targeting a $500 million raise via IPO, potentially achieving a $15 billion valuation. Similarly, reports indicate OKX is preparing a US IPO.

A recent high-profile listing from stablecoin issuer Circle (nearly $900 million target) demonstrates the current wave of institutional interest. Strong demand has driven valuations beyond initial projections.

This surge coincides with clarified US crypto regulations, highlighted by the recent passage of the US Transactional Assets and Monetary Exchange for Innovation and Usability Stabilization Act (GENIUS Act) by President Trump, alongside congressional cryptocurrency-focused procedural measures.