Bullish Group priced an upsized initial public offering at $37 a share, raising about $1.1 billion from 30,000,000 ordinary shares and valuing the firm at roughly $5.4 billion.
The deal was oversubscribed by 20x, and shares are expected to start trading on the New York Stock Exchange on Wednesday, 13th August.
The company gave underwriters a 30-day option to buy up to 4,500,000 more shares at the IPO price, less fees. JPMorgan and Jefferies led the book-running for the sale.
Pricing and demand
Investors showed a strong appetite for the stock. The 20x oversubscription made clear there was more demand than supply. The extra 4,500,000 share option gives underwriters room to meet some of that demand.
Pricing at $37 per share set Bullish’s market value near $5.4 billion. The size and interest signal confidence from big investors and funds.
Deal structure and banks
JPMorgan and Jefferies ran the book and handled distribution. The 30-day option is standard for large deals and helps stabilise price after the debut. Underwriting discounts and commissions will be taken from any exercise of the option.
The listing on the NYSE will be the public test of investor interest beyond the initial book build.
Business profile and recent moves
Bullish launched with capital from Founders Fund and Thiel Capital. Nomura and Mike Novogratz also hold stakes in the crypto exchange.
In 2023, the firm bought CoinDesk, which broadened Bullish’s reach into media and research. The exchange expanded its services and grew its customer base.
In Q1 2025, Bullish reported average daily trading volume above $2.5 billion. That level placed the exchange among the top five platforms by spot volume for Bitcoin and Ether.
Since launch, cumulative trading on the platform has topped $1.25 trillion, according to the prospectus. These numbers point to growing use by both retail and institutional clients.
The firm’s volumes and history mattered to buyers, large daily volumes help exchanges earn fees and show active users. Owning a piece of an exchange that ranks in the top five by spot volume is attractive to many investors. The CoinDesk acquisition also offers potential synergies in content and customer reach.
Backers and partnerships
Founders Fund and Thiel Capital were early backers, and Nomura and Mike Novogratz later took positions. Those names added credibility as Bullish prepared to list, and the bank syndicate led by JPMorgan and Jefferies gave the sale a broad distribution to institutional clients.
Bullish’s IPO comes as more crypto firms seek public listings or funding. Exchanges that handle high volumes can draw both traders and asset managers.
The listing gives Bullish access to new capital and to a wider pool of investors who prefer regulated markets and public disclosure.
Shares will trade on the NYSE on Wednesday, and the market will set the price after the open. If the underwriters use their option, the total size of the offering will increase. Post-listing, Bullish will face scrutiny from public investors and regulators.
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