Bullish (BLSH Proposed) gave the IPO market a hot wake-up call early today. Bullish, the Peter Thiel-backed crypto exchange and CoinDesk publisher, upsized its IPO by 62.8 percent – increasing the number of shares to 30 million from 20.3 million originally – and increasing the price range to $32.00 to $33.00 a share – up from $28.00 to $31.00 originally – to raise $975 million, if priced at $32.50, the mid-point of the new price range. In its disclosure of the deal’s original terms last Monday, Bullish had set out to raise $598.85 million.
Bankers expect to price the Bullish IPO on Tuesday night, Aug. 12, to trade Wednesday, Aug. 13, on the New York Stock Exchange.
J.P. Morgan, Jefferies, Citigroup, Cantor, Deutsche Bank Securities and SOCIETE GENERALE are the joint book-runners.
Tom Farley, the CEO of Bullish, is the former president of the NYSE Group, which includes the New York Stock Exchange.
Bullish launched its IPO on Aug. 4th – about two weeks after President Donald Trump signed the Genius Act, the first federal law to regulate stablecoins, on July 18, 2025.
Founded in 2020, Bullish (BLSH Proposed) was created “with the vision to build an institutional-grade global exchange,” according to the prospectus. Its goal is “to drive the adoption of stablecoins, digital assets, and blockchain technology.” The company is based on Grand Cayman.
Bullish acquired CoinDesk in 2023. Through that acquisition, “we expanded our product offering to provide trusted insights, authoritative news, data, indices and transparent analysis to the digital assets industry while facilitating partnerships, investment opportunities, and community engagement through our flagship Consensus conference. Our October 2024 acquisition of CCData significantly expanded our data and information services integrating one of the industry’s foremost digital asset data and index providers and further cementing our best-in-class product suite.”
In the prospectus, Bullish said it is “a Cayman Islands exempted company that acts as a holding company with operations primarily conducted through its subsidiaries in the Cayman Islands, Hong Kong, the United States, Singapore, the United Kingdom, Germany, and Gibraltar.”
Bullish is not profitable, according to the financial statements in the prospectus.
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