Bullish Sets NYSE IPO, BlackRock, ARK Interested

Bullish, a Cayman Islands-based crypto exchange and owner of CoinDesk backed by Peter Thiel, has filed for a U.S. IPO on the NYSE under the ticker 'BLSH,' aiming to raise up to $629 million by offering 20.3 million shares at $28-$31 each for a valuation around $4.2 billion. Lead underwriters are J.P. Morgan, Jefferies, and Citigroup. BlackRock and ARK Investment Management have expressed non-binding interest in purchasing up to $200 million of the shares, and underwriters have an option to buy an additional 3.045 million shares if demand warrants. The IPO follows Bullish's failed 2022 SPAC merger and comes amid increased regulatory clarity, highlighted by the GENIUS Act and successful digital asset debuts such as Circle. Bullish plans to use the proceeds for general corporate purposes, acquisitions, and conversion to US dollar–denominated stablecoins. The company reported estimated Q2 2025 net income between $106 million and $109 million after a significant Q1 loss.