‍Bullish Aims for $4.2B Valuation in Potential US IPO
Digital asset firm Bullish, owner of CoinDesk, is planning a US Initial Public Offering (IPO) with a target valuation of $4.2 billion. The company seeks to raise $568 million to $629 million, with subsidiaries of BlackRock and ARK Investment Management showing interest in purchasing up to $200 million in shares. Trading could commence as early as August 12.
Bullish operates a digital asset platform for institutional clients across over 50 jurisdictions, excluding the US for its core exchange. The acquisition of CoinDesk for $72.6 million in November 2023 expanded its reach. CoinDesk reports 4.9 million unique monthly viewers in 2024. Bullish also plans to convert a portion of IPO proceeds into US dollar–denominated stablecoins.
This follows a trend of crypto companies pursuing public listings, including BitGo, Kraken, OKX, and Circle. The increased interest is attributed to regulatory progress in the US, such as the GENIUS Act for stablecoins, and growing institutional adoption of digital assets.