Bullish IPO
Tradingprice, listing and company profile
IPO price$37.00Price range: $28.00 – $33.00
Deal size$1B30,000,000 shares
Valuation$5.4BIPO valuation
- IPO filing
- Roadshow
- Pricing
- First trade
- Quiet period
- Lockup
Performance since IPO
Confirmed share price history
No published trading history yet
IPO recap
Confirmed offering terms
Bullish filed IPO documents on Aug 1, 2025. Confirmed offering terms are shown below.
FiledAug 1
PricingAug 12
First tradeAug 13
Lockup ends—
The short version
Bullish has traded publicly since 2025-08-13. This profile covers the final price, share count, proceeds, business model, operating context and key risks.
Key takeaway 1
Bullish priced 30 million shares at $37 and began NYSE trading on 13 August 2025.
Key takeaway 2
The exchange targets institutions with trading, liquidity, custody and data services.
Key takeaway 3
The company raised about $1.03 billion before expenses in the upsized offering.
Company in detail
What happened at the IPO
Bullish priced its initial public offering at $37.00 per share and began trading on 2025-08-13 on the NYSE under BLSH. The final price, base share count and gross size are the confirmed transaction terms; they are separate from later market performance.
The deal included 30,000,000 base shares and an over-allotment option for 4,500,000 additional shares. The upsized offering issued ordinary shares; the company reported approximately $1.03 billion of gross proceeds before expenses.
Company and products
Bullish is Institutional digital-asset exchange and market-infrastructure platform. Its core offering includes Spot and derivatives trading, liquidity, custody, data and institutional market services.
Bullish depends on trading volume, liquidity, crypto prices and institutional participation. The company’s route to scale therefore depends on both product demand and the operating discipline needed to serve that demand.
Capital, ownership and use of proceeds
The registration materials described the capital structure and the distinction between new shares and shares sold by existing holders. Technology, regulatory capital, working capital and general corporate purposes.
The headline gross offering value is not the same as cash retained by the issuer. Underwriting discounts, offering expenses, selling-stockholder proceeds and any concurrent securities must be read separately in the final prospectus.
Financial and operating lens
Institutional crypto market: Exchange, liquidity and market-data infrastructure. Bullish targets institutional digital-asset market activity rather than a consumer banking relationship.
The public-market analysis should connect this operating measure to revenue quality, cash conversion, customer or user retention and the cost of expanding the platform. IPO proceeds can extend the runway, but they do not remove execution risk.
Why this IPO matters
Bullish’s successful second route to public markets arrived during renewed crypto enthusiasm and offered a direct test of institutional digital-asset demand.
The main questions after the first trade are whether the company can deliver on its stated growth plan, preserve service quality and turn the IPO story into durable public-company results.
- Volume, regulation, security and crypto-cycle exposure dominate the risk profile.
Operating metrics
Institutional crypto market
Exchange, liquidity and market-data infrastructureBullish targets institutional digital-asset market activity rather than a consumer banking relationship.
Aug 1, 2025Company profile
- Founded
- 2021
- Legal name
- Bullish, Inc.
- Listing
- NYSE · BLSH
- Headquarters
- George Town, Cayman Islands
- Business
- Institutional digital-asset exchange and market-infrastructure platform.
- Products
- Spot and derivatives trading, liquidity, custody, data and institutional market services.
- IPO structure
- The upsized offering issued ordinary shares; the company reported approximately $1.03 billion of gross proceeds before expenses.
- Use of proceeds
- Technology, regulatory capital, working capital and general corporate purposes.
- First trade
- 2025-08-13
- Employees
- No published figure
Timeline
- Public registration filed
Bullish moved from private preparation into a public registration process. Filing terms were preliminary and subject to later pricing.
- IPO priced
Bullish announced a final price of $37.00 per share for the base offering.
- First trading day
The shares began trading on NYSE under BLSH.
- Closing confirmed
The issuer confirmed completion of the offering and the final capital-market structure.
Institutional crypto market
Exchange, liquidity and market-data infrastructureBullish targets institutional digital-asset market activity rather than a consumer banking relationship.
Base shares offered
30,000,000Base deal size at the final price; the over-allotment option is shown separately.
Final IPO price
$37.00per shareFinal public offering price announced on 2025-08-12; this is the offer price, not a current market quote.
Employees
—No published figure
Net income
—No published figure
Operating cash flow
—No published figure
Financials
No complete financial history available
Revenue
Financial history unavailableComparable financial periods will appear here when available.
No comparable financial series
Available dated disclosures are included in the company overview. View disclosures →
Valuation & peers
Price-to-sales, revenue growth and gross margin
Comparable metrics unavailableComparable company figures for the same date are not available.
Revenue growth (%)
| Company | P/S | Growth | GM |
|---|---|---|---|
| Bullish | — | — | — |
| No published peer comparison | |||
Context: Private financing valuations and modeled market values do not establish an IPO valuation. Revenue run-rate is not used here to calculate a price-to-sales ratio.
Private valuation and funding details
Final IPO price
$37.00 per shareFinal public offering price announced on 2025-08-12; this is the offer price, not a current market quote.
Base shares offered
30,000,000Base deal size at the final price; the over-allotment option is shown separately.
Gross base offering
$1.03BGross base offering value calculated from the disclosed base share count and IPO price; it is not net proceeds.
IpoHub score
How we score—Not rated
Balance sheet—
Growth—
Community—
Profitability—
Valuation—
Individual category scores are not available.
Where the money goes
$1BIPO raise
Use of proceeds—
Allocation percentages—
Net proceeds—
See the reported use of IPO proceeds below.
Reported use of proceeds
- use
- Technology, regulatory capital, working capital and general corporate purposes.
- structure
- The upsized offering issued ordinary shares; the company reported approximately $1.03 billion of gross proceeds before expenses.
Key risks
Editorial analysisTrading volume
Revenue and profitability can fall sharply when crypto volumes and volatility decline.
Regulation
Licensing and market-structure rules are central to the platform.
Custody and security
Operational or cyber incidents could undermine institutional trust.
Market-cycle risk
A strong debut can reflect sentiment rather than durable earnings power.
Final deal terms
- Ticker
- BLSH
- Exchange
- NYSE
- IPO valuation
- $5.4B
- IPO price
- $37.00
- Price range
- $28.00 – $33.00
- Pricing date
- Aug 12, 2025
- First trading day
- Aug 13, 2025
- Shares offered
- 30,000,000
- Deal size
- $1B
- Underwriters
- Not confirmed
- Greenshoe shares
- 4,500,000
- Lockup
- Not confirmed
- Quiet period expirations
- Not confirmed
Bullish IPO: where and how to invest
Where can I invest in the Bullish IPO?
Bullish shares have a confirmed trading start on NYSE under the ticker BLSH. You can buy through a broker that supports that market and makes the shares available to your account. Check the venue, fees and current quote; the market price can differ from the original IPO offer price.
Can I buy Bullish shares now?
Bullish's public trading start is confirmed. Whether you can buy the stock in your account depends on your broker's market access and account rules. A stock-market order buys at available market prices; it is not an IPO allocation at the original offering price.
When is the Bullish IPO?
Bullish's confirmed first trading day was Aug 13, 2025. The offering was priced on Aug 12, 2025.
What is the Bullish IPO share price?
Bullish's confirmed IPO offer price is $37.00 per share. This is the offering price, not a live stock-market quote.
What is Bullish's stock ticker and exchange?
The ticker recorded in this profile is BLSH. The exchange recorded here is NYSE.
Can I buy Bullish shares before the IPO?
The Bullish offering tracked here already has a confirmed trading start. Buying on the stock market now is therefore not a pre-IPO investment. Check the current quote and available share class with your broker.
Where can I find the Bullish IPO prospectus?
Check Bullish's official investor-relations announcements and publications from the relevant regulator and exchange. A confidential submission or an announcement about it is not a publicly available prospectus. Before subscribing, read the final prospectus for the risks, price, share class and offering terms.
More questions about the Bullish IPO
What does Bullish operate?
Bullish operates institutional digital-asset trading, liquidity and market-data infrastructure.
What was the IPO price?
The final IPO price was $37 per share.
Why is volume important?
Exchange and market-infrastructure revenue depends on trading activity and liquidity.
What is the main risk?
Crypto-market cycles, regulation, custody and cyber resilience.
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