Institutional crypto exchange Bullish is preparing to make its Wall Street debut with a U.S. listing that could value the firm at up to $4.23 billion.
The move comes as friendlier regulations under the Trump administration and the recently passed GENIUS Act boost appetite for digital asset equities.
According to its August 4 filing, Bullish plans to sell 20.3 million shares at a price range of $28–$31, aiming to raise as much as $629 million. Should the offering price land at the top of that range, the company will still enter the market at less than half the $9 billion valuation it chased during a failed 2021 SPAC deal that was abandoned in 2022 amid regulatory uncertainty.
Led by former NYSE president Thomas Farley, Bullish says a significant portion of IPO proceeds will be converted into U.S. dollar-backed stablecoins through regulated issuers. This reflects a growing industry trend of holding reserves in digital dollars to facilitate faster, on-chain settlement.
The company’s early 2025 financials showed a $349 million quarterly loss, attributed mostly to valuation swings in its crypto portfolio. Analysts, however, are expected to pay closer attention to exchange revenues and operating margins, particularly given the platform’s focus on institutional trading infrastructure.
The IPO will be underwritten by J.P. Morgan, Jefferies, and Citigroup, with shares set to trade on the NYSE under the ticker BLSH. If successful, Bullish’s listing will follow closely after Coinbase’s earnings report, which revealed lower Q2 profits on subdued trading activity — but also hinted that investors are shifting toward long-term plays in the digital assets sector.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
