Crypto company Bullish to collect up to $ 629 million in the public offer

Cryptocurrency platform Bullish has publicly submitted F-1 registration With the SEC on Monday, indicates that his plan to offer 20,300,000 ordinary shares in an initial public offer (IPO) that would yield up to $ 629 million.

The company with Peter Thiel-Struggled company expects to offer its shares in the range of $ 28-31 dollars, which offers a rating of somewhere between $ 3.8 and $ 4.2 billion based on the expected outstanding shares after the offer.

“We now intend to have IPO because we believe that the industry of the digital assets is starting its next part of growth. We consider transparency and compliance as characteristics of how we operate Bullish, and believe that those values are well matching the public capital markets,” said Bullish CEO Tom Farley in a letter.

“We also believe that being a public -trading company offers important benefits: extra credibility among partners, counterparties and supervisors; access to capital; and equity to do strategic acquisitions.”

This marks the second attempt by the stock market to become a listed company.

In 2021 it agreed to become public via merger with special Purpose Acquisition Company (Spac) Far Peak in a merger that the company appreciated about $ 9 billion.

Those Plans fell apart in 2022 Although due to “time limitations and market conditions.”

Three years later, Bullish benefits from the relaxation of the regulatory and favorable sentiment that was ushered in with the government of President Donald Trump.

“I believe that the digital assets industry is at the bending point of institutional acceptance and Bullish is unique in the center of this market,” Farley said. “The conforming, institutionally oriented market infrastructure model has been tested and worked, and Bullish is proud to be the one who brings this proven framework to the crypto landscape.”

To be expected on the New York Stock Exchange with Ticker “BLSH”, follows the exchange a few prominent crypto ipos from earlier this year, including the Dramatically successful debut of the Circle of Stablecoin Emittent And colleague -Crypto exchange, Etoro.

Other prominent exchanges in the industry have indicated their intention to also participate in that list of IPOs, with Recent signals from trade fairs such as OKX and Kraken and a Submitting confidential from Gemini.

Bullish, which is also the owner of Crypto Media publication Coindskaims to improve the range of information services, to expand geographical footprint and improve the product width, with a special mention given to options trade.

The company estimates a change of almost $ 225 million in net income for the 3-month period ending on 30 June 2025 compared to that of 2024-long-driven driven by “favorable changes in the real value of digital assets”, not the business income. The exchange doubled last year more than its total of 2023 trade volumes and had a profit of 78% in volumes in Q1 2025 compared to 2024.