All Access

Fintech Deals

Standard

Fintech Deals Alerts

Alert

Fintech Deals Thought Bubble

Thought Bubble

mustard

BFD Expert Voices - Private Credit

BFD Expert Voices

Bullish, the crypto exchange operator behind CoinDesk, priced its IPO at $37 per share, well above its upsized marketed range of $32 to $33.

Why it matters: The IPO marks another win for the crypto sector after a long lull in public listings.

Driving the news: Bullish raised $1.11 billion by selling 30 million shares, valuing the company at around $5.4 billion.

Flashback: Bullish initially sought to raise $629 million by offering 20.3 million shares priced between $28 and $31 each.

It lifted its IPO range earlier this week, offering 30 million shares priced between $32 and $33 apiece.

Between the lines: BlackRock and ARK Invest committed up to $200 million in the offering.

Context: Bullish offers spot, margin and derivatives trading to institutional investors and also provides liquidity services to stablecoin issuers.

It acquired CoinDesk from Digital Currency Group for $72.6 million in 2023.

State of play: Circle's blockbuster debut and Bullish's upscaled listing bode well for crypto companies like Gemini, Grayscale, and BitGo lining up to go public in the coming months.

What's next: Shares are set to debut on the NYSE under the ticker BLSH this week.

Bullish raises $1.11B in upsized IPO

The above-range pricing shows IPO momentum in crypto.

Illustration of the Wall Street bull stuffed full of cash.

Bullish, the crypto exchange operator behind CoinDesk, priced its IPO at $37 per share, well above its upsized marketed range of <a class="gtmContentClick" data-vars-link-text="$32 to $33" data-vars-click-url="https://www.axios.com/pro/fintech-deals/2025/08/11/crypto-exchange-bullish-upsizes-ipo-target" data-vars-content-id="1a13c384-0068-4641-81fd-35e05119a3cc" data-vars-headline="Bullish raises $1.11B in upsized IPO" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/fintech-deals/2025/08/11/crypto-exchange-bullish-upsizes-ipo-target" target="_self">$32 to $33</a>.Why it matters: The IPO marks another win for the crypto sector after a long lull in public listings.

topics

politics-policy

epstein-files

donald-trump

2026-midterm-elections

immigration

behind-the-curtain

race-and-equity

technology

privacy-tech-regulation

automation-and-ai

tiktok-news

big-tech

social-media

cybersecurity

economy

social-security

inflation

tariffs

federal-reserve

jobs

transportation

business

c-suite

retail-news

crypto

media

elon-musk

dealmaking

health

rfk-jr

drug-prices

axios-explains-abortion

public-health

world

israel

axios-explains-ukraine

iran

russia

china

energy-climate

nuclear-energy

climate-energy-policy

climate-change

extreme-weather

alternative-energy

electric-vehicles

science

emerging-tech

biomedicine

newsletters

charlotte

boulder

detroit

kansas-city

columbus

austin

dallas

atlanta

washington-dc

nw-arkansas

chicago

indianapolis

nashville

richmond

colorado-springs

houston

san-francisco

seattle

boston

des-moines

salt-lake-city

philadelphia

denver

phoenix

new-orleans

miami

twin-cities

raleigh

san-antonio

portland

san-diego

tampa-bay

cleveland

huntsville

pittsburgh

axios-local

axios-pro

axios-live

the-axios-show

Bullish raises $1.11B in upsized IPO

What to read next