While most crypto companies continue wrestling with the fundamental challenge of actually turning a profit, Bullish—the Peter Thiel-backed exchange that somehow managed to acquire CoinDesk along the way—has decided the ideal moment to go public involves nearly doubling its IPO target from $629 million to approximately $990 million.
The exchange plans to offer 30 million shares at $32 to $33 each under ticker symbol “BLSH,” valuing the company at $4.8 billion at the upper range. This ambitious pricing comes despite the company reporting losses in both Q4 2024 and Q1 2025, though management projects a miraculous turnaround with forecasted net income of $106 million to $109 million for Q2 2025—a timeline that would make even the most optimistic analyst raise an eyebrow.
BlackRock and Ark Investment Management have committed to purchasing $200 million worth of shares at IPO, signaling institutional confidence that extends beyond typical retail crypto enthusiasm. This backing suggests the crypto market’s gradual maturation, particularly following Circle’s spectacular public debut that saw shares surge 93% post-IPO, ultimately valuing the stablecoin issuer at over $66 billion. The institutional appetite reflects the broader trend where 92% of U.S. crypto holders remain bullish on blockchain’s economic potential despite market volatility.
Bullish enters a crowded field of 2025 crypto IPOs, including eToro’s $310 million raise at $52 per share and WeBull’s volatile post-IPO performance. The fintech and digital asset sectors are experiencing strong interest amid evolving regulatory landscapes. Meanwhile, Kraken lurks in the wings with a potential late-2025 offering and a $15 billion valuation that dwarfs Bullish’s ambitions. The second-largest crypto exchange recently filed with the SEC for its public offering while currently raising $500 million from investors.
The company’s ownership of CoinDesk provides interesting synergies—nothing quite says “unbiased crypto coverage” like being owned by a competing exchange. These IPO proceeds could fund expansion initiatives as Bullish attempts to challenge established players like Coinbase and Kraken in an increasingly competitive landscape.
The timing capitalizes on rising Bitcoin and Ether prices alongside clearer regulatory frameworks that have emboldened institutional participation.
Whether Bullish can deliver on its optimistic profit projections remains the critical question, particularly given the crypto industry’s notorious tendency to promise revolutionary changes while struggling with basic operational profitability. The market will soon determine if this latest crypto unicorn deserves its billion-dollar valuation or joins the ranks of overvalued digital asset casualties.
