Bullish to raise $629 million through IPO, valued at $4.2 billion

Digital asset exchange Bullish and its subsidiary crypto media outlet CoinDesk have filed for an IPO with the U.S. Securities and Exchange Commission (SEC). They plan to offer 20.3 million shares at a price range of $28 to $31 per share, raising a maximum of $629 million and valuing the company at approximately $4.2 billion. Bullish primarily trades spot, leveraged, and derivatives products, and provides liquidity services to stablecoin issuers. In the first quarter of 2025, the company reported digital asset sales of $80.2 million and a net loss of $349 million. In 2023, Bullish acquired CoinDesk for $72.6 million.