Bullish Exchange Aims for $629M IPO on NYSE with BlackRock, ARK Backing

Bullish, the cryptocurrency exchange operator and parent company of CoinDesk, has filed an amended F-1 registration for a New York IPO targeting up to $629 million. The Cayman Islands-based firm plans to offer 20.3 million shares at $28-$31 apiece, with potential underwriter allotments pushing the total raise higher.

Notably, funds managed by BlackRock and ARK Investment Management have expressed interest in purchasing up to $200 million of shares at the IPO price. The company projects Q2 net income between $106-$109 million, rebounding from a $349 million Q1 loss despite posting $80 million profit for full-year 2024.

Bullish operates an institutional-grade trading platform offering spot markets, derivatives, and liquidity services. Proceeds will fund general corporate purposes and strategic acquisitions as the exchange seeks to capitalize on growing institutional crypto adoption.