Bullish, a major player in the cryptocurrency exchange market and owner of CoinDesk, has successfully completed its U.S. initial public offering (IPO). The company priced its shares at $37 each, surpassing its revised target range of $32-$33, and in doing so, raised more than $1.11 billion. This offering values Bullish at approximately $5.41 billion, with expectations that its shares would open significantly higher, potentially reaching a valuation near $8.77 billion. This strong market debut reflects a notable increase in investor confidence within the digital asset sector.
The successful IPO of Bullish follows closely on the heels of Circle, a leading stablecoin issuer, which also achieved a substantial $1.05 billion IPO in June 2025. These strong market performances indicate a growing investor interest in digital assets, further supported by a more favorable regulatory environment. The GENIUS Act, enacted in July 2025, has established a clear regulatory framework for stablecoins, mandating that they be backed one-to-one by U.S. dollars or comparable low-risk assets. This legislation, which passed with bipartisan support, aims to foster innovation while ensuring market stability. The cryptocurrency industry is currently experiencing a significant revival in public listings, with firms like Gemini and Grayscale Investments also having confidentially filed for U.S. IPOs. This trend signifies a broader movement of digital asset companies seeking greater transparency and access to traditional capital markets, signaling a maturing industry increasingly integrated into the global financial landscape.