CoinDesk owner Bullish is increasing its IPO goal to $1 billion, signaling confidence in the crypto market and attracting Wall Street's attention. The digital asset exchange operator is boosting its initial public offering target by almost 60%, potentially reaching $990 million. This move reflects a growing investor appetite amid renewed momentum in crypto-related stocks.
IPO Details
Bullish now plans to offer 30 million shares priced between $32 and $33 each, according to recent filings with the U.S. Securities and Exchange Commission (SEC). This is a notable increase from the original plan to offer 20.3 million shares at $28 to $31 apiece. If the IPO meets expectations, Bullish would debut with a market capitalization of approximately $4.8 billion, a significant rise from the initially projected $4.2 billion.
The IPO is being managed by Wall Street firms including JPMorgan, Jefferies, and Citigroup. Investment accounts managed by subsidiaries of BlackRock and ARK Investment Management have indicated an interest in purchasing up to $200 million worth of stock at the IPO price. Bullish intends to convert a portion of the IPO proceeds into U.S. dollar-denominated stablecoins.
Bullish's IPO orders are expected to close on Monday, August 11, with pricing anticipated for Tuesday night, August 12, and trading commencing on Wednesday, August 13, on the New York Stock Exchange (NYSE) under the ticker symbol BLSH.
Bullish's Business and Strategy
Founded in 2020 and based in Grand Cayman, Bullish aims to build an institutional-grade global exchange to drive the adoption of stablecoins, digital assets, and blockchain technology. The company operates a digital asset platform tailored to institutional clients and available in over 50 jurisdictions, excluding the U.S..
In November 2023, Bullish expanded into crypto media by acquiring CoinDesk from Digital Currency Group for $72.6 million. CoinDesk is the world's second-largest crypto media outlet by readership, reporting an average of 4.9 million unique monthly viewers in 2024. In October 2024, Bullish acquired CCData, expanding its data and information services.
Market Context and Wall Street's Crypto Push
Bullish's IPO occurs amid a growing trend of cryptocurrency companies seeking public listings. The digital asset markets are experiencing rising activity and increasing adoption by traditional financial institutions like BlackRock, Fidelity, JPMorgan, and Goldman Sachs. The Trump administration's supportive stance toward the crypto industry has further encouraged firms to go public through IPOs, mergers, or reverse takeovers. The Genius Act, signed by President Trump on July 18, 2025, is the first federal law regulating stablecoins.
Wall Street is increasingly embracing crypto, with traditional firms integrating tokenized stocks and stablecoins into their frameworks. Crypto exchanges like Coinbase, Robinhood, and Kraken are seeking to offer investors the ability to trade "tokenized" versions of stocks. This push towards tokenization, putting assets like stocks on the blockchain, could revolutionize financial markets.
However, Wall Street traditionalists are also pushing back, lobbying the SEC to ensure that crypto firms adhere to the same regulations as established financial institutions. Despite regulatory debates, the crypto market is showing signs of maturity and growth, with Bitcoin ETFs gaining traction and institutions exploring crypto allocations in 401(k)s.
