Institutional experts lend support! Cryptocurrency exchange Bullish is about to land on the US stock market, targeting a market value of $5 billion
Cryptocurrency exchange Bullish will go public on Wednesday in the U.S. stock market, with a target market capitalization of $5 billion. The company plans to issue 30 million shares, with an offering price range of $32 to $33. Bullish is led by former Intercontinental Exchange president Tom Farley, with investors including Peter Thiel's Founders Fund and ARK Investment Management. Although Bullish recorded a loss in the first quarter of 2025, it is expected to achieve a net profit of $106.1 million to $109.1 million in the second quarter
According to Zhitong Finance APP, with Bitcoin prices hovering around the historical high of approximately $120,000 and the surge in stock prices of stablecoin company Circle (CRCL.US) after its listing, the sentiment in the cryptocurrency market is strong. The cryptocurrency exchange Bullish (BLSH.US), which will be listed for trading on Wednesday, will simultaneously test investors' enthusiasm for Bitcoin and initial public offerings.
Bullish also owns the well-known cryptocurrency information and data platform CoinDesk. The company disclosed in regulatory filings on Monday that both the IPO issuance scale and price range have been raised, planning to sell 30 million shares at a price range of $32 to $33, higher than the initially planned 20.3 million shares at a price range of $28 to $31. Based on an issuance price of $33 and a total share capital of 150.7 million shares, Bullish's market capitalization will reach $5 billion.
The CEO of Bullish is Tom Farley, the former president of the Intercontinental Exchange, who previously oversaw the New York Stock Exchange, and he will also serve as chairman after the IPO is completed.
On the investment side, Peter Thiel's Founders Fund and Thiel Capital were early investors in the blockchain software company Block.one, which helped establish Bullish; the well-known cryptocurrency company Galaxy Digital also holds shares. Bullish also stated that BlackRock and ARK Investment Management, led by "Cathie Wood," intend to collectively subscribe for up to $200 million worth of shares within the IPO price range.
Bullish recorded a loss in the first quarter of 2025, compared to a profit in the same period last year. However, the company expects to achieve a net profit of between $106.1 million and $109.1 million in the second quarter of this year, according to its latest filing with the U.S. Securities and Exchange Commission.
As part of its corporate financial strategy, Bullish holds approximately $2 billion in cryptocurrency assets, primarily Bitcoin, with a small amount in Ethereum and some stablecoins. If cryptocurrency prices continue to rise, it will further benefit the company's performance.
Ed Engel, an analyst at Compass Point Research & Trading, pointed out in a research report released before the IPO that Bullish focuses on Bitcoin and Ethereum trading, and the risks may be lower than those of exchanges that rely more on retail trading of smaller coins, such as Coinbase (CION.US). "Bullish's institutional client positioning can bring more stable performance than retail trading platforms," Engel stated, "Retail investors often overly concentrate their investments in smaller coins during bull markets."
Despite the inherent volatility risk associated with assets highly correlated with cryptocurrencies, the market seems to have more reasons to remain optimistic about Bullish's long-term prospects as Bitcoin approaches historical highs and institutional funds actively flow in
