Aggressive company submits NYSE initial public offering application, targeting open market expansion
In a significant move for the digital asset industry, Bullish, a leading global digital asset platform, has announced a proposed initial public offering (IPO) of its ordinary shares. The company aims to bridge the gap between traditional finance and the digital asset ecosystem.
The IPO, which is a registration statement filed with the U.S. Securities and Exchange Commission (SEC), is managed by a syndicate of major financial institutions. J.P. Morgan and Jefferies are the lead book-running managers, with Citigroup as joint book-running manager, and Deutsche Bank Securities, Societe Generale, Canaccord Genuity, Keefe, Bruyette & Woods (a Stifel Company), and Oppenheimer & Co also acting as book-running managers.
Bullish operates a regulated digital assets spot and derivatives exchange, the Bullish Exchange, which is among the top global exchanges for spot Bitcoin and Ethereum trading. The trend for this IPO is due to evolving regulatory clarity and increased institutional adoption in the digital asset ecosystem.
As of March 31, 2025, the Bullish Exchange has processed over $1.25 trillion in total trading volume since its launch. The average daily trading volume on the exchange exceeded $2.5 billion in Q1 2025, demonstrating the platform's growing popularity.
The company's focus is on providing market infrastructure and information services. In addition to the exchange, Bullish encompasses CoinDesk Indices, CoinDesk Data, and CoinDesk Insights, including the crypto news platform Coindesk.com. Bullish acquired CoinDesk in 2023, expanding its footprint in the digital asset information and media landscape.
The number of shares and the price range for the proposed offering have yet to be determined. The completion of the IPO remains subject to market conditions and regulatory effectiveness of the registration statement. The company has applied to list its ordinary shares on the New York Stock Exchange (NYSE) under the ticker symbol "BLSH."
This announcement follows a trend of crypto companies seeking public listings in 2025. The IPO of Bullish is a testament to the maturity and growing acceptance of digital assets in the financial world. The announcement was made on Saturday.
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