Bullish Raises IPO Target to $990 Million with BlackRock and Ark Invest Backing
Crypto exchange Bullish has significantly upsized its planned initial public offering, now targeting $990 million—a 57% increase from its original $629 million goal. The revised terms call for selling 30 million shares at $32-$33 each, potentially valuing the company at $4.8 billion.
Institutional heavyweights BlackRock and Ark Invest have committed to anchor the offering with $200 million in purchases. The vote of confidence from these asset management titans signals growing mainstream acceptance of cryptocurrency infrastructure plays.
JPMorgan, Jefferies and Citigroup are steering the IPO, with Bullish slated to trade under the ticker "BLSH". The exchange, which owns industry media outlet CoinDesk, reported strong preliminary Q2 2025 earnings of $106-$109 million.
