Another highly anticipated IPOs is happening today. Cryptocurrency trading platform Bullish is expected to make its debut on the stock market.
Already, its stock’s initial public offering price has been revised up multiple times, suggesting a healthy appetite for shares. However, only time will tell if its IPO will end up going the way of Circle or eToro, two other crypto-related companies that went public in recent months.
Here’s what you need to know about Bullish’s IPO.
What is Bullish?
Founded in 2021, Bullish is a cryptocurrency exchange that focuses on spot and derivatives trading. Its CEO is Thomas Farley, who was previously the president of the NYSE Group, which operates the New York Stock Exchange.
Bullish received an early investment from VC heavyweight Peter Thiel.
The company says it has more than 275 employees. For its most recent quarter, which was its Q1 2025 period, Bullish says it had $647 billion in total spot volume, according to its Form F-1 filing with the Securities and Exchange Commission (SEC).
Additionally, Bullish says it had $111 billion in total perpetual futures volume for the quarter.
The company said its average daily volume totals around $2.6 billion, and that trading volume for Q1 2025 was up 78% versus the same quarter a year earlier.
However, Bullish isn’t only a crypto exchange. In 2023, the company purchased the crypto media outlet CoinDesk from the Digital Currency Group. CoinDesk, according to Bullish, now has 48 million unique visitors annually. It also receives more than 600 million monthly API calls to its CoinDesk Data offerings.
Bullish IPO share price rises yet again
One already notable thing about Bullish’s IPO is that ever since the company announced its intention to go public, its estimated IPO share price has continually risen.
As Fast Company reported yesterday, Bullish initially said its shares would be offered for $28 to $31 each. But on Monday, the company upped its estimated initial share price to between $32 and $33 each.
That estimated initial share price was again revised upwards later in the day yesterday, to its final IPO offering price of $37 per share.
In addition to its increased IPO price, Bullish also raised the number of shares it offered in its IPO. Initially, Bullish said it would issue 20.3 million shares in its IPO. Its final share issue was nearly 50% higher, at 30 million shares.
In its Form F-1 filed with the SEC, Bullish says its plans to use the proceeds from its IPO “for general corporate and working capital purposes, including funding potential future acquisitions.”
When is Bullish’s IPO?
Bullish priced its shares yesterday and is expected to begin trading today: Wednesday, August 13, 2025.
What is Bullish’s stock ticker?
Bullish’s stock will trade under the ticker “BLSH.”
What exchange will Bullish shares trade on?
Bullish shares will trade on the New York Stock Exchange (NYSE).
What is the IPO share price of BLSH?
Bullish’s IPO price is $37 per share.
As previously noted, that’s a significant increase from the $28 to $31 price range that Bullish shares were forecast initially to begin trading at. It’s also higher than BLSH’s revised expected range of between $32 and $33 each.
The fact that BLSH shares have been continually revised upwards suggests there is strong interest in the stock.
How many BLSH shares are available in its IPO?
In the company’s latest press release on the matter, Bullish announced that it is offering 30,000,000 ordinary shares in its IPO.
How much did Bullish raise in its IPO?
With 30 million shares sold at $37 each, it means that Bullish raised approximately $1.11 billion from its IPO.
How much is Bullish worth?
Bullish is now valued at around $5.4 billion, according to Reuters.
How have other crypto IPOs done this year?
Bullish’s IPO will be closely watched today as its performance will be used to judge investor confidence in other potential cryptocurrency-related IPOs.
In general, investors have been more bullish (no pun intended) on cryptocurrencies and crypto-related companies since President Donald Trump took office.
Trump’s administration is seen as being much more friendly to the crypto industry, and it has passed significant laws giving clarity to the regulations surrounding the industry.
When it comes to IPOs, this crypto-friendly climate has perhaps benefited no other company more than Circle Internet Group (NYSE: CRCL), an issuer of stablecoins.
Since CRCL shares went public in early June, they have surged more than 400% as of yesterday’s close (at one point, they were up more than 750%).
However, while Circle shares have surged, another crypto company has seen less stellar results since its IPO.
In May, crypto trading platform eToro Group Ltd. (Nasdaq: ETOR) went public. But according to Yahoo Finance data, as of yesterday’s market close, ETOR shares have lost 2.4% of their value since its IPO.
Many on Wall Street will be eagerly watching Bullish’s stock price over the next several weeks to see if it will follow in the footsteps of Circle or eToro—or somewhere in between.
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