Major Crypto Player Eyes Public Listing

Bullish, the digital asset exchange operator and parent company of CoinDesk, has filed updated paperwork with the U.S. Securities and Exchange Commission (SEC) for an initial public offering that could value the firm at 【$4.2 billion】. The Cayman Islands-based company plans to issue 20.3 million shares priced between $28-$31, aiming to raise up to $629 million.

Institutional Heavyweights Show Interest

Investment arms of BlackRock and ARK Investment Management have committed to purchasing up to $200 million worth of shares at the IPO price, according to regulatory filings. Notably, Bullish disclosed plans to convert a portion of proceeds into dollar-pegged stablecoins—a rare move for traditional IPOs that underscores its crypto-native approach.

Strategic Expansion Through Acquisition

The company solidified its industry position last November by acquiring crypto media giant CoinDesk for $72.6 million. ——With 4.9 million monthly readers in 2024, this acquisition provides Bullish with significant media influence—— alongside its exchange operations spanning 50+ jurisdictions (excluding the U.S.).

Crypto IPO Wave Gains Momentum

Bullish joins a growing list of digital asset firms pursuing public listings: • BitGo filed for an undisclosed IPO in July • Kraken reportedly seeks $500M at $15B valuation • OKX explores U.S. listing after service relaunch • Circle's recent public debut added billions in market cap

Regulatory Tailwinds Fuel Growth

The IPO surge coincides with improved U.S. regulatory clarity, including President Trump's signing of the GENIUS Act for stablecoin regulation. Industry analysts note these developments have accelerated institutional adoption, with crypto's financialization becoming increasingly mainstream.

If approved, Bullish shares could begin trading on the NYSE as early as August 12, marking a significant milestone for the crypto exchange sector and its media subsidiaries.