Crypto Exchange Bullish Seeks to Raise Up to $629M in New York Share Sale

Bullish, the owner of the Bullish Exchange crypto platform, said it plans to raise as much as $629 million in its initial public offering (IPO) on the New York Stock Exchange.

The company, which also owns CoinDesk, said it plans to sell 20.3 million ordinary shares with an expected price of $28-$31 per share according to an an amended F-1 document filed with the Securities and Exchange Commission on Monday. It expects to trade under the ticker “BLSH.”

Funds managed by BlackRock and ARK Investment Management have shown interest in buying up to $200 million worth of shares at the IPO price, according to the amended F-1 document. The offerings' underwriters have the option to purchase an additional 3.045 million shares, depending on demand.

The roadshow comes weeks after Cayman Islands-headquartered firm filed its initial F-1 registration with the SEC. The company aims to use the IPO proceeds for general corporate purposes and potential future acquisitions.

Bullish runs an institutional trading platform providing spot and derivatives trading as well as liquidity services, according to its filing.

The company provided an net income estimate of between $106 million and $109 million for the second quarter. In the first quarter, it posted a $349 million loss after reporting profit of $80 million for all of 2024.