Bullish IPO Draws BlackRock, ARK Interest

Bullish, a Cayman Islands-based crypto exchange and owner of CoinDesk, has filed for a New York Stock Exchange IPO, seeking to raise up to $629 million by offering 20.3 million shares priced between $28 and $31 each, aiming for a valuation of around $4.2 billion. Major institutional investors, including BlackRock and ARK Investment Management, have indicated interest in buying up to $200 million worth of shares. The IPO is driven by renewed momentum in digital assets, aided by recent U.S. regulatory clarity and the success of other crypto public listings. Bullish plans to use much of the proceeds for stablecoin acquisitions and potential takeovers. The company, backed by Peter Thiel, serves institutional clients on regulated platforms and reported a significant net income estimate for Q2 2025 after a loss in Q1. This is Bullish's second IPO attempt after a failed 2022 merger.