Bullish, the owner of financial media outlet CoinDesk, has filed for an initial public offering (IPO) in the U.S. aiming to raise up to $629.3 million.
IPO Goals and Investor Interest
Bullish plans to sell 20.3 million shares priced between $28 and $31 each, potentially valuing the company at $4.2 billion. Major institutional investors such as BlackRock and ARK Investment Management have expressed interest in purchasing shares worth up to $200 million at the IPO price.
Market Context and Business Operations
The filing comes as cryptocurrency companies increase their pursuit of public listings under favorable regulatory conditions. Bullish, led by former NYSE president Tom Farley, focuses on institutional investors, offering spot trading and margin trading services, though it currently cannot offer these services to U.S. clients.
Financial Performance and Ownership Structure
Bullish reported a net loss of $348.6 million in Q1 2025 despite digital asset sales of $80.2 million. The company's ownership structure reflects its origins as a subsidiary of Block.one, which reduced its stake below 50% in July 2024.
Bullish's IPO will serve as a test for public market appetite for cryptocurrency companies. Its focus on institutional investors and media assets through CoinDesk distinguishes it from pure-play exchanges, though recent losses highlight ongoing challenges within the volatile digital asset space.
