Bullish (NYSE:BLSH) has listed its shares on the New York Stock Exchange at an offering price of $37/share at a valuation of over $5 billion. Initially, Bullish had anticipated a price of $28 to $31 a share.
The IPO is for 30 million shares with a green shoe option of another 4.5 million shares.
Bullish will be the most recent IPO as the list of successful public offerings in 2025 gets larger.
Bullish said that it intends to use the proceeds for general corporate and working capital purposes, including any potential future acquisitions.
The Bullish Exchange is an institutionally focused digital assets spot and derivatives exchange, regulated in Germany, Hong Kong, and Gibraltar. The company touts its focus on compliance. It is yet to operate in the US but is expected to expand its services in America.
Bullish also operates CoinDesk, acquired in 2023, a crypto news operation. CoinDesk was reportedly aquired for approximately $75 million.
In its registration statement, Bullish reported $2.6 billion in daily volume during Q1 2025. Its total spot volume for the quarter stood at $647 billion
CEO Tom Farley was previously the President of the NYSE Grupo of Intercontinental Exchanges. Chairman of Bullish Brendan Blumer was co-founder of Block.one.