Digital asset exchange Bullish has completed its initial public offering on the New York Stock Exchange, raising approximately $1.05bn in gross proceeds after upsizing its offering and pricing shares above the expected range.
The Cayman Islands-based firm sold 30 million ordinary shares at $37 each, exceeding its previously marketed range of $32–$33. The shares began trading on 13 August under the ticker symbol “BLSH”. A 30-day option has been granted to underwriters to purchase up to 4.5 million additional shares.
The offering was led by JP Morgan and Jefferies, with Citigroup acting as joint bookrunner. Cantor, Deutsche Bank and Société Générale also participated.
“We believe that the digital assets industry is beginning its next leg of growth, and Bullish is uniquely positioned at the centre of this market,” said CEO Thomas Farley, formerly President of the New York Stock Exchange.
Bullish operates a regulated spot and derivatives exchange and owns crypto media brand CoinDesk. The company is regulated in Germany, Hong Kong, and Gibraltar.
The listing marks one of the largest digital asset IPOs of 2025, following Circle’s $1bn raise in June and eToro’s public debut.
