Bullish IPO Valued at $4.2B Wins Backing from BlackRock and ARK
Crypto exchange operator Bullish filed an updated F-1 with the SEC for an IPO aiming to raise $568M–$629M. The Bullish IPO will sell 20.3 million shares at $28–$31 each, valuing the company at up to $4.2B. Major institutional investors BlackRock and ARK Investment have expressed interest in purchasing up to $200M of the offering.
Headquartered in the Cayman Islands, Bullish serves institutional clients in over 50 jurisdictions. The IPO proceeds will partly convert into US dollar stablecoins to boost liquidity. In November 2023, Bullish acquired CoinDesk from Digital Currency Group for $72.6M, adding a media platform with 4.9M average monthly unique visitors. This filing follows a resurgence of crypto IPOs from BitGo, Kraken and OKX and comes on the heels of Circle’s successful IPO. Recent stablecoin legislation and CBDC bills highlight growing institutional adoption and regulatory clarity in the crypto market.
Bullish
Bullish’s SEC filing and notable backing by BlackRock and ARK signal strong institutional confidence, which is likely to drive positive market sentiment in the short term. The sizable funding range and plan to convert proceeds into stablecoins may enhance liquidity, supporting smoother trading activity. In the long term, the CoinDesk acquisition and expanding global footprint position Bullish for sustainable growth, while the broader revival of crypto IPOs and clearer regulatory frameworks further underpin a bullish outlook for the exchange and its token ecosystem.