Bullish Eyes $4.23B US IPO—Plans to Fuel Stablecoin Expansion with $629M Raise

Crypto exchange Bullish charges toward Wall Street with a blockbuster IPO bid—because what’s a better bull market flex than raising nine figures to double down on stablecoins?

The $629M gambit: The firm’s filing reveals plans to funnel the fresh capital into dollar-pegged assets, betting big on crypto’s perennial ‘safe haven’ narrative. Because nothing says stability like algorithmic tokens backed by… checks notes… other tokens.

Wall Street meets Web3: At a $4.23B valuation, this would mark one of crypto’s largest public debuts since the 2022 crash—a bold move while regulators still squabble over whether stablecoins are securities, currencies, or financial Jenga towers.

Closing thought: If the IPO succeeds, Bullish might just live up to its name. If it fails? At least they’ve got a built-in excuse—‘market conditions.’

Bullish filed amended IPO disclosure

Bullish.com filed a preliminary IPO disclosure, which did not specify the intended raise, number of shares, or valuation. The amended filing reveals the exchange plans to place 20.3M shares at a nominal value of $0.002 per share, and an IPO price between $28 and $31. The company plans to list ordinary shares on the NYSE, using the ticker BLSH.

The exchange listed J. P. Morgan, Citigroup, Deutsche Bank Securities, Société Générale, and others as the IPO underwriters. The underwriters will have the option to buy 3,045,000 ordinary shares at the IPO price. Bullish also reported BlackRock-related entities and investors have expressed interest in purchasing up to $200M of the IPO shares, though the agreement is not binding.

Despite the earlier filing, Bullish has finally picked up its IPO roadshow, following the launch of the US Genius Act. The new legislation allows for a clear creation of stablecoins, potentially bringing a new wave of issuers. 

The Genius act is still new and is considered an untested proposition on the creation of stablecoins. The new legislation is more lenient about launching private stablecoins if they are backed with sufficient approved reserves. 

Bullish.com makes second attempt at going public

Bullish.com attempted to go public in 2021, seeking a SPAC deal, which fell through. During the 2021 bull market, the exchange tried to raise up to $9B to acquire a shell company and go public. The exchange itself is also a Tier 4 investment fund, with a total of five deals. The market operator has spread to several niches, including the acquisition of crypto media company CoinDesk. 

The exchange has already spread worldwide, achieving over $800M in daily trades and up to $2.9B on busier days in 2025. The market operator is quick to track regulatory developments, securing access to the markets in the US, Germany, Hong Kong, and Gibraltar to tap multiple regions. 

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