Bullish Crypto IPO Successfully Breaks Through, $1.1 Billion Financing Oversubscribed 20 Times

just_another_wallet · 2026-01-21T20:32:56+00:00

Bullish successfully listed on the New York Stock Exchange, with an IPO fundraising of $1.1 billion, and a share price set at $37, indicating high market expectations. The offering was oversubscribed by 20 times, with major institutional investors such as BlackRock and Ark Invest participating, further elevating the mainstream status of crypto assets. Bullish's豪華 management team and top-tier underwriters also lay a foundation for its long-term development, symbolizing the institutionalization process of the crypto market.

just_another_wallet

2026-01-21 20:32:56

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Riding the wave of the cryptocurrency market IPO boom, digital asset trading platform Bullish delivers an impressive performance. As the parent company of crypto media outlet CoinDesk, Bullish successfully raised $1.1 billion in its initial public offering, ultimately pricing at $37 per share, significantly above the original range of $32 to $33, reflecting the market’s strong anticipation for the platform.

Record-breaking Financing Scale, Active Investor Subscriptions

According to Bloomberg, Bullish officially listed on the New York Stock Exchange on August 13, 2025, under the ticker symbol “BLSH.” During the IPO, 30 million shares were sold, and with a closing price of $37, the company’s valuation reached $5.4 billion.

What’s remarkable is that Bullish’s IPO received unprecedented market enthusiasm. Regulatory filings show that just before going public, the company decided to increase the number of shares issued to 30 million and raised the offering price accordingly. Insiders revealed that during the fundraising process, oversubscription exceeded 20 times, demonstrating strong investor confidence in this crypto exchange.

Institutional Funds Pour In, Leading Funds Rush to Subscribe

Major US asset managers BlackRock and Ark Invest led institutional investors, collectively subscribing to up to $200 million worth of Bullish shares, becoming key drivers of this IPO. The participation of these well-known institutions further underscores the rising status of crypto assets within mainstream finance.

Leadership Team and Shareholder Structure, a Luxurious Lineup Boosts Development

Bullish is led by former NYSE President Tom Farley as CEO, guiding a team focused on spot trading, margin trading, and derivatives trading of cryptocurrencies, primarily targeting institutional investors.

Major shareholders include co-founder and CEO of Block.one Brendan Blumer (holding approximately 30.1% post-IPO) and board member Kokuei Yuan (holding approximately 26.7%). The top-tier management and clear shareholder structure lay a solid foundation for Bullish’s long-term growth.

Top Underwriters Ensuring Success, Crypto IPO Momentum Continues

JPMorgan Chase, Jefferies Financial Group, and Citigroup jointly served as the main underwriters for this IPO. The involvement of top global investment banks highlights the importance of Bullish’s listing within the crypto industry.

Bullish’s successful IPO marks a milestone, indicating that crypto exchanges are gradually gaining recognition in mainstream financial markets. It also signals that more crypto companies may have opportunities to go public through traditional capital markets, pushing the entire crypto ecosystem toward institutionalization and regulation.

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