Bullish Aims for $4.2B IPO as Crypto Hype Meets Wall Street

Next week, traders will weigh in on Bullish—the cryptocurrency exchange seeking to raise up to $629.3 million in its U.S. IPO. The Cayman Islands-based firm plans to list 20.3 million shares at $28–$31 apiece on the New York Stock Exchange (NYSE), targeting a $4.2 billion valuation under the ticker "BLSH". Pricing is expected by August 12.

A High-Profile Crypto Bet

Launched in 2021 as a Block.one spin-off, Bullish entered with a $10 billion war chest from backers like Peter Thiel. It later acquired CoinDesk (2023) and now offers spot, margin, and derivatives trading, with institutional clients forming a key base. CEO Tom Farley, former NYSE president, recounted in SEC filings how a 2014 chat about Coinbase sparked his crypto interest.

Wall Street’s Crypto Appetite

Despite a $349 million Q1 2024 loss (vs. a $105M profit in 2023), Bullish is betting on:

• Market momentum: Circle’s post-IPO 750% surge and BlackRock/ARK’s $200M pre-IPO interest.

• Regulatory tailwinds: Trump-era policies and growing institutional adoption.

• SPAC redemption: After scrapping a 2022 SPAC deal, Bullish is trying again in a friendlier market.

But risks linger. Rival eToro’s shares slid 13% post-IPO, and Bullish’s losses could test investor patience.

Why It Matters: Bullish’s IPO is a litmus test for crypto’s Wall Street staying power—balancing hype against real profitability.