Cryptocurrency exchange operator and media company Bullish plans to raise between $568 million and $629 million in a US initial public offering (IPO), having already drawn interest from major institutional investors.
Just weeks after its initial IPO submission, Bullish submitted an updated F-1 document with the US Securities and Exchange Commission (SEC), outlining plans to issue 20.3 million shares, potentially valuing the company at up to $4.2 billion.
If the IPO is approved, Bullish shares could begin trading as early as Aug. 12.
Investment accounts managed by subsidiaries of BlackRock and ARK Investment Management have indicated interest in purchasing up to $200 million worth of stock at the IPO price, the filing revealed.
The company intends to convert a portion of the IPO proceeds into US dollar–denominated stablecoins, according to the filing.
Bullish operates a digital asset platform tailored to institutional clients and available in more than 50 jurisdictions, excluding the US. The company expanded into crypto media in November 2023 by acquiring CoinDesk from Digital Currency Group for $72.6 million.
CoinDesk is the world’s second-largest crypto media outlet by readership, with Bullish’s F-1 filing reporting an average of 4.9 million unique monthly viewers in 2024.
Related: Crypto Biz: Digital gold rush intensifies as Tether Gold surges, institutions double down on BTC
Crypto IPOs on the rise
Bullish is one of several crypto-focused companies pursuing public listings. In July, digital asset custodian BitGo filed for a US public offering, though it did not disclose the number of shares or its targeted valuation.
Last week, Cointelegraph reported that crypto exchange Kraken is planning to raise $500 million through an IPO that could value the company at about $15 billion, significantly higher than its previous valuation of roughly $11 billion.
Similar reports suggest that crypto exchange OKX is also preparing for a US IPO after recently relaunching its services in the country.
One of the most successful crypto stock offerings this year came from stablecoin issuer Circle, which added billions to its market cap following the launch of its CRCL shares. Before going public, Circle raised its IPO target to nearly $900 million amid strong institutional demand.
The recent surge in crypto IPO activity comes amid significant regulatory progress in the United States and growing institutional adoption of digital assets.
Last month, US President Donald Trump signed the GENIUS Act, a key piece of stablecoin legislation, into law. Meanwhile, the House of Representatives passed two additional bills focused on market structure and anti-CBDC measures ahead of its August recess.
Related: Crypto isn’t ‘run from garages’ anymore: MEXC’s Tracy Jin on IPO boom
