Stock exchange newcomer Bullish starts trading on the New York Stock Exchange, securing a funding of $1.1 billion through its Initial Public Offering (IPO)
In a groundbreaking move, Bullish, a crypto exchange founded in 2020, made its debut on the New York Stock Exchange (NYSE) in August 2025. The exchange, which raised $1.1 billion in its initial public offering (IPO), is poised to revolutionise the crypto industry by offering an institutional-grade platform that targets large-cap cryptocurrencies.
Led by CEO Tom Farley, former president of the New York Stock Exchange, Bullish leverages Wall Street expertise to cater to institutional traders rather than retail users. The company's shareholders include high-profile investors such as Peter Thiel's Founders Fund and Thiel Capital, Japanese financial firm Nomura, Mike Novogratz, Galaxy Digital, BlackRock, and ARK Invest. ARK Invest, led by Cathie Wood, expressed interest in acquiring up to $200 million in shares at IPO price.
The IPO, more than 20 times oversubscribed, was led by JPMorgan Chase, Jefferies Financial Group, and Citigroup, with shares trading under the ticker BLSH. Notable investors like BlackRock and ARK eyed $200 million in shares. The timing of Bullish's IPO coincides with Bitcoin trading above $100,000 and renewed institutional demand for Ethereum.
Bullish's platform focuses on deep liquidity for a narrow set of large, liquid assets—primarily Bitcoin and Ethereum—offering spot trading, margin, and derivatives trading. The exchange holds significant liquid assets exceeding $3 billion, including Bitcoin, Ether, cash, and stablecoins amounting to over $418 million. It also collaborates with stablecoin issuers like Ripple to leverage stablecoin liquidity for fast, secure global transfers.
Stablecoin integration is a foundational layer of Bullish's platform, according to Farley. The emergence of regulatory clarity regarding stablecoins, following the recent signing of the U.S. Genius Act, positions Bullish well to take advantage of this trend. The listing of Circle, a large issuer of stable coins, in June 2022 bolstered the appetite of investors in regulated digital asset businesses.
Bullish has seen rapid expansion in trading activity. Its infrastructure is built to serve clients who demand speed, compliance, and access to multiple digital asset classes. The company's deep order books and consistent settlement rates, enabled by its stablecoin-rich reserve, limit volatile risks for institutional clients.
The company's growth prospects are underpinned by its Wall Street leadership and institutional business model, strong backing from notable institutional investors and venture funds, regulatory clarity, focused asset liquidity and product offerings, robust trading volume, substantial liquid asset holdings including stablecoins, strategic media ownership via CoinDesk acquisition for market influence, and historic NYSE listing signaling maturation and mainstream crypto finance integration.
Board member Kokuei Yuan will hold over 26% ownership post-IPO. Co-founder and Block.one CEO Brendan Blumer will retain about 30% ownership post-IPO. Farley, who has been involved in crypto since 2014, describes Bullish as a bridge between Wall Street and blockchain technology.
In summary, Bullish's NYSE listing marks a significant milestone in the integration of crypto finance into mainstream markets. With its institutional focus, strategic partnerships, and robust infrastructure, Bullish is well-positioned to cater to the growing demand for institutional-grade crypto trading services.
- Bullish, the crypto exchange founded in 2020, made its debut on the New York Stock Exchange (NYSE) in August 2025, aiming to revolutionize the crypto industry.
- Led by CEO Tom Farley, Bullish targets large-cap cryptocurrencies, focusing mainly on Bitcoin and Ethereum, to cater to institutional traders.
- The IPO, more than 20 times oversubscribed, led by JPMorgan Chase, Jefferies Financial Group, and Citigroup, was poised to generate $200 million in shares for institutional investors like BlackRock and ARK Invest.
- The platform offers spot trading, margin, and derivatives trading for deep liquidity for large, liquid assets, with significant liquid assets surpassing $3 billion.
- The emergence of regulatory clarity regarding stablecoins, following the recent signing of the U.S. Genius Act, positions Bullish well to take advantage of this trend in the DeFi market.
- With its robust trading volume, substantial liquid asset holdings, strategic partnerships, Wall Street leadership, and mainstream crypto finance integration signaled by the NYSE listing, Bullish has seen rapid expansion in trading activity.
- Collaborating with stablecoin issuers like Ripple, Bullish leverages stablecoin liquidity for fast, secure global transfers, signaling its commitment to the future of the crypto-finance business.
){kind=link}