Bullish Exchange Goes Public on NYSE After $1.1B IPO
Bullish Exchange Launches on NYSE Following Oversubscribed IPO
Bullish, the cryptocurrency exchange operator that also owns CoinDesk, has officially started trading on the New York Stock Exchange (NYSE) under the ticker “BLSH.” This follows a successful IPO where the company raised $1.11 billion.
The IPO saw Bullish sell 30 million shares at a price of $37 per share, resulting in a valuation of $5.41 billion. According to a Reuters report, demand for the IPO was exceptionally high, leading to an increase in the initial share price.
Initially, Bullish had planned to raise $990 million with a share price between $32 and $33. However, due to being oversubscribed by 20 times, the share price was adjusted upward.
Key Players and Market Impact
Founded by Tom Farley, the former president of the New York Stock Exchange, and supported by Peter Thiel, Bullish offers spot trading, futures, and derivatives services. BlackRock and ARK Invest have shown their confidence in Bullish by planning to purchase up to $200 million of the shares offered. The IPO was led by JPMorgan, Jefferies, and Citigroup.
This market debut will serve as a key indicator of investor interest in publicly traded crypto exchanges and may influence other blockchain companies considering similar moves in 2025.
Broader Trends in Crypto IPOs
Bullish's IPO underscores the current success of crypto companies entering public markets. Earlier this year, stablecoin issuer Circle debuted on the NYSE, with its stock price briefly hitting almost $300, a significant increase from its IPO price of $31 per share. Circle raised just over $1 billion in its IPO.
Other crypto exchanges, including Kraken and Gemini, and crypto custodian BitGo, have also filed draft registration statements for potential IPOs, seeking to replicate this success.
For companies considering navigating the complexities of token launches and ensuring platform security, entities like Codeum offer services such as audits and KYC to foster trust and transparency within the blockchain space.