Investment giants JPMorgan and Citigroup spearhead optimistic $1 billion initial public offering for a major cryptocurrency exchange.
In a groundbreaking move for the crypto industry, Bullish, a leading crypto exchange, successfully raised $1.1 billion in its Initial Public Offering (IPO) on August 13, 2025. The company's shares debuted on the NYSE under the ticker symbol "BLSH".
The IPO was initially priced around $32–$33 per share, but the final IPO price was set at $37, reflecting strong investor demand. Notably, the settlement for the entire $1.15 billion was processed in stablecoins, a first for US public markets, with the transaction facilitated through the Solana blockchain and custody by Coinbase.
On its first trading day, Bullish's shares surged, reaching as high as $118. If shares were to sell at this top-of-the-range price, Bullish’s valuation would be approximately $13.2 billion, more than doubling the initial IPO valuation.
This significant increase in valuation signals major confidence by the market and investors in Bullish’s business model and the broader adoption of stablecoins and blockchain technology in mainstream finance.
The increased valuation at the top range is a testament to the growing investor interest in digital asset companies. In fact, Bullish's successful IPO follows Circle, a stablecoin issuer, which was among the first crypto companies to go public in 2025.
Bullish's confidence in market conditions and investor appetite for crypto-related equities is evident in its revised IPO target of $990 million, up from its initial target of $30 million. The IPO is being led by major banks including JPMorgan, Jefferies, and Citigroup.
The company's growth trajectory has been accelerated by strategic acquisitions, such as the purchase of CoinDesk from Digital Currency Group in November 2023. Since its IPO, Bullish has been at the forefront of the digital asset revolution, with major financial institutions backing the offering and strong inflows into spot Bitcoin and Ether exchange-traded funds.
Moreover, ETFs along with public and private companies collectively hold more than 13.5% of the total Bitcoin supply, demonstrating the growing mainstream adoption of cryptocurrencies.
Looking ahead, the final pricing and allocation of shares will determine whether the company achieves its targeted valuation. However, with its innovative blockchain-based IPO process, Bullish has undeniably made a strong entrance into the public markets.
[1] CoinDesk. (2025, August 13). Bullish Raises $1.1 Billion in Historic IPO, Valued at $13.2 Billion on First Trading Day. Retrieved from https://www.coindesk.com/business/2025/08/13/bullish-raises-1-1-billion-in-historic-ipo-valued-at-13-2-billion-on-first-trading-day/
[2] Yahoo Finance. (2025, August 13). Bullish Shares Debut on NYSE, Opening at $90, Peaking at $118, and Closing at $68 Per Share. Retrieved from https://finance.yahoo.com/news/bullish-shares-debut-nyse-opening-150000186.html
[3] The Block. (2025, August 13). Bullish IPO Settles Entirely in Stablecoins, a First for US Public Markets. Retrieved from https://www.theblockcrypto.com/post/87067/bullish-ipo-settles-entirely-in-stablecoins-a-first-for-us-public-markets
[4] Fortune. (2025, August 13). Bullish IPO Valuation Surges to $13.2 Billion on First Trading Day. Retrieved from https://fortune.com/2025/08/13/bullish-ipo-valuation-surges-to-13-2-billion-on-first-trading-day/
[5] Coindesk. (2025, August 13). Bullish IPO Settles Entirely in Stablecoins, a First for US Public Markets. Retrieved from https://www.coindesk.com/business/2025/08/13/bullish-ipo-settles-entirely-in-stablecoins-a-first-for-us-public-markets/
The successful IPO of Bullish is a significant milestone in the intersection of finance, technology, and business, as it marked the first time a US public market transaction was fully settled in stablecoins, demonstrating the growing role of blockchain technology in mainstream finance. The surge in Bullish's valuation, with shares peaking at $118 on its first trading day, underscores investor confidence in digital asset companies and the broader adoption of stablecoins in the business world.
