Bullish

Bullish (BLSH) priced its initial public offering on Aug 13, 2025 at $37.00 per share, above its $32.00–$33.00 range, raising $1.11B, and listed on NYSE. At the IPO price its market capitalization was about $5.41B. J.P. Morgan was lead-left underwriter, joined by Jefferies, Citigroup and Cantor and others. Morgan Lewis and Carey Olsen advised the company and Davis Polk advised the underwriters.

Bullish is an institutionally focused global digital asset platform, founded in 2020, that provides market infrastructure and information services. It operates the Bullish Exchange offering trading and liquidity services, with Hong Kong subsidiaries including a licensed custody provider.

Status

IPO

Ticker

BLSH

Exchange

NYSE

Priced

Aug 13, 2025

IPO price

$37.00

Price range

$32.00–$33.00

Raised

$1.11B

Market cap at IPO price

$5.41B

First filed

Jul 18, 2025

Underwriters

J.P. Morgan, Jefferies, Citigroup, Cantor, Deutsche Bank, Canaccord Genuity, Stifel, Oppenheimer and Rosenblatt

Company counsel

Morgan Lewis and Carey Olsen

Underwriters' counsel

Davis Polk

Sector

Financials

Market cap at IPO price = shares outstanding after the offering (all classes, before the over-allotment option) × the IPO price, from the final prospectus.