Bullish Crypto Exchange IPO Priced at $37, Valuing Firm at $5.4 Billion

Bullish, the cryptocurrency exchange led by former NYSE President Tom Farley, has priced its initial public offering at $37 per share—surpassing earlier estimates of $32-$33. The move grants the Cayman Islands-based platform a $5.4 billion valuation and raises $1.1 billion through the sale of 30 million shares. Underwriters JPMorgan, Jefferies, and Citigroup retain an option to purchase an additional 4.5 million shares within 30 days.

Institutional heavyweights BlackRock and ARK Investment Management have signaled intentions to acquire up to $200 million worth of shares. The NYSE-listed stock will trade under the ticker "BLSH" amid a surge of crypto-related public debuts, including Circle, eToro, and Galaxy Digital. Since its 2021 launch, Bullish has processed $1.25 trillion in cumulative trading volume by merging decentralized finance protocols with centralized exchange safeguards.