Bullish, the crypto exchange behind CoinDesk, made a splash in its NYSE debut raising over $1.1 billion. The company priced its IPO at $37 a share, above the originally marketed $32–$33 range, giving it a valuation around $5.4 billion.
Demand was so strong that Bullish not only lifted the price but also increased the number of shares offered, selling 30 million instead of the planned 20.3 million.
It was a clear signal that investors are still eager for crypto plays, even as markets remain a bit shaky.
Bullish’s IPO blew past expectations, reportedly more than 20 times oversubscribed.
Institutional investors clearly had their eyes on it, big names like BlackRock and ARK Investment Management were said to be aiming for up to $200 million in shares.
JPMorgan, Jefferies, and Citigroup ran the show as lead underwriters, giving the deal some serious firepower.
Between the strong demand and heavyweight backers, it was a clear signal that crypto is still catching the attention of the big players.
Crypto trading meets media power
Bullish, led by CEO Thomas Farley, who used to run the New York Stock Exchange runs a full-service digital asset platform, offering spot, margin, and derivatives trading, mostly for institutional clients.
The firm handles roughly $2.6 billion in daily trading, riding a wave of growing adoption and higher activity across crypto markets. Beyond trading, Bullish made a big move in media by buying CoinDesk in November 2023 for $72.6 million.
The acquisition brought in a major crypto news outlet with about 48 million unique visitors a year and a busy data service API.
Bullish’s IPO shows there’s still plenty of appetite for crypto-linked stocks. Big names in traditional finance like BlackRock, Fidelity, JPMorgan, Goldman Sachs are all dipping their toes into digital assets, which seems to be giving the market more confidence.
The deal also follows in the footsteps of other big crypto listings, like Circle Internet Group, which raised over $1 billion and saw its market cap jump once it hit the public markets.
Investors are clearly willing to back crypto firms if the story and numbers make sense.
Bullish IPO marks crypto comeback milestone
Bullish’s $5.4 billion valuation is a big milestone, especially considering the company had to scrap a SPAC merger back in 2021 over regulatory concerns that deal had pegged the firm at $9 billion.
This IPO shows investor interest in crypto firms is bouncing back after a rough few years.
CEO Thomas Farley sounded upbeat about what’s next for the sector. He pointed to growing institutional adoption and said Bullish’s focus on compliant, institutional-ready infrastructure positions the company well for the evolving market.
The proceeds from the IPO will go toward general corporate needs and could also fund future acquisitions, giving the firm flexibility to expand further.
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