Bullish Crypto Exchange Targets $629M IPO Backed by BlackRock and ARK Amid Regulatory Shift

Bullish, a cryptocurrency exchange, has filed for an initial public offering on the New York Stock Exchange that could raise up to $629 million. The company plans to list 20.3 million shares under the ticker "BLSH" at a price range of $28 to $31, potentially valuing the firm at $4.2 billion. Underwriters have the option to purchase an additional 3.045 million shares, which could further increase the proceeds.

Funds managed by BlackRock and ARK Investment Management have expressed interest in buying up to $200 million of the stock at the offering price. This move reflects growing institutional confidence in digital asset firms as regulatory sentiment in the U.S. shifts favorably. The TRUMP administration's recent policies, including the GENIUS Act and a rollback of previous enforcement actions, have created a more welcoming environment for blockchain companies.

Bullish's IPO follows a trend of crypto firms entering public markets, with Circle, eToro, BitGo, and Grayscale either going public or filing to do so. Major exchanges like Kraken and OKX are also reportedly considering similar moves. The listing underscores the accelerating mainstream adoption of cryptocurrency businesses amid evolving regulations.