The rapidly evolving world of digital assets is set for another major moment—this time, with CoinDesk’s owner, Bullish, seeking to raise up to $629 million in a high-profile U.S. initial public offering. If successful, the IPO could value Bullish at up to $4.2 billion. Here’s what you need to know about this bold move and what it signals for crypto’s mainstream ambitions.Key Details of the Bullish IPOIPO Size & Share Offer:Bullish plans to offer 20.3 million shares, priced between $28 and $31 each, on the New York Stock Exchange under the ticker “BLSH.” Lead underwriters include J.P. Morgan, Jefferies, and Citigroup.Valuation:At the top of the range, Bullish’s valuation would hit approximately $4.2 billion—a major milestone for a company founded in 2021 as a Block.one spin-off and backed by billionaire Peter Thiel.CoinDesk Ownership:Bullish purchased the influential crypto media brand CoinDesk in 2023, securing a key foothold in the growing crypto news and data sector.Who’s Interested?Investment giants BlackRock and ARK Investment Management have reportedly expressed interest in purchasing up to $200 million worth of shares at the IPO price, a vote of confidence from Wall Street’s elite.Use of Proceeds:Bullish intends to use IPO funds for general corporate purposes, acquisitions, and expanding its stablecoin-focused business.IPO Backdrop: Crypto Regulatory Winds and FinancialsRegulatory clarity under the Trump administration, including the GENIUS Act for stablecoins, has fueled renewed momentum for U.S.-based crypto companies and digital assets. Several competitors, including Circle and eToro, have already gone public or announced IPO plans.Bullish reported a net income of $80 million in 2024 but swung to a $349 million loss in the first quarter of 2025—highlighting crypto’s volatility. Still, the company boasts over $3 billion in liquid assets, with a large stash of bitcoin, ether, and cash.The company will launch its roadshow ahead of an expected IPO pricing around August 12, 2025.Industry Impact: Crypto’s Wall Street MomentThis IPO is being closely watched as a barometer for mainstream investor appetite for crypto platforms. A strong debut could open the floodgates for future crypto listings, while also boosting U.S. market leadership amid global regulatory changes.
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