- Bullish ups IPO to 30M shares priced between $32 and $33 each.
- Market cap projected at $4.8B, up from previous $4.2B estimate.
- Trend driven by Trump administration policies and Circle’s IPO success.
Cryptocurrency exchange Bullish has announced an increase in the size and price range of its initial public offering (IPO), raising the potential deal size to $990 million from approximately $629 million.
The company plans to offer 30 million shares at prices ranging from $32 to $33 each, according to its filing with the U.S. Securities and Exchange Commission (SEC).
Previously, Bullish had aimed to offer 20.3 million shares priced between $28 and $31. This confidential SEC filing was revealed two months ago.
At the upper limit of the updated price range, Bullish’s market capitalization is projected to reach about $4.8 billion, up from a previous estimate of approximately $4.2 billion.
Recently, the cryptocurrency sector has seen a rising number of companies going public via IPOs, mergers, or reverse takeovers. One factor contributing to this trend is the successful June 2025 IPO of stablecoin issuer Circle, which raised $1.2 billion and helped trigger a surge in market valuations.
Analysts attribute the growing frequency of crypto listing applications to the favorable policies of the U.S. President Donald Trump administration and positive market examples like Circle’s debut.
Based in the Cayman Islands, Bullish is led by former New York Stock Exchange President Tom Farley and will list on the New York Stock Exchange under the ticker symbol BLSH. Major firms managing the offering include JPMorgan Chase & Co., Jefferies Financial Group Inc., and Citigroup Inc.
