Crypto craze turns another exchange into gold: Bullish raises $953M in its IPO, beating valuations

Crypto fever has once again hit Wall Street . Bullish , the digital asset platform that owns CoinDesk , has priced its initial public offering at $37 per share (€31.57), above the $32 to $33 range announced Monday. This raises $1.11 billion (€935 million) in the transaction that will allow it to begin trading on the New York Stock Exchange this Wednesday.

The company, led by former New York Stock Exchange president Tom Fairley, raised both the price range and the number of shares to be issued at the last minute, from the initial 20.3 million to 30 million. This move reflects the strong investor demand in the cryptocurrency sector.

And Bullish's debut not only falls within a revival of IPOs in the United States after a drought of more than two years, but also joins a growing list of cryptocurrency companies that have turned to public markets this year, driven by favorable regulations for the crypto sector with the Trump Administration .

This past July, the US president signed the Genius Act, a law to create a regulatory framework for dollar-pegged cryptocurrencies, known as stablecoins. This marked a major milestone for the industry. In fact, that same week, Bitcoin reached a new all-time high . Overall, the cryptocurrency market has largely been on the rise, reaching a total market capitalization of $4.1 trillion (€3.5 trillion).

With the IPO, Bullish follows in the footsteps of other successful transactions in recent months . One of these is that of stablecoin issuer Circle Internet , which, in early June, also increased its initial public offering (IPO) to $50 (€42.60) from $31 (€26.45) due to strong investor demand. Since then, its shares have risen 400%.

Bullish operates a platform offering spot trading of cryptocurrencies, futures, and derivatives , and also owns the news outlet CoinDesk . Ahead of its debut, the company has also granted underwriters a 30-day option to purchase up to an additional 4.5 million shares of its common stock at the initial public offering price, less underwriting discounts and commissions.

In 2021, the company announced its intention to go public through a merger with a special purpose acquisition company ( SPAC ), in a deal that would have valued the resulting company at around $9 billion (€7.729 billion), although the transaction was cancelled in 2022. This Wednesday, shares of the firm led by Tom Fairley are expected to begin trading on Wall Street under the symbol ' BLSH '.

Crypto fever has once again hit Wall Street . Bullish , the digital asset platform that owns CoinDesk , has priced its initial public offering at $37 per share (€31.57), above the $32 to $33 range announced Monday. This raises $1.11 billion (€935 million) in the transaction that will allow it to begin trading on the New York Stock Exchange this Wednesday.