CoinDesk owner Bullish shares indicated to open nearly 62% above IPO price in debut
If the stock starts to trade at the last indicated range of $55 to $60 on the NYSE, it could potentially value the billionaire venture capitalist Peter Thiel-backed company at nearly $8.77 billion.
Bullish raised $1.11 billion in the largest U.S. listing by a digital assets company this year, marking another sign of mainstream adoption in a sector that recently topped $4 trillion in market value.
Stablecoin giant Circle had raised $1.05 billion in its initial public offering in June, before a blowout debut. As of last close, Circle shares were trading more than five times above their IPO price.
Bullish, which acquired cryptocurrency website CoinDesk in 2023, had priced the IPO at $37 per share — above an already upsized range, and was valued at $5.41 billion.
A string of regulatory wins under a pro-crypto White House, corporate treasury adoption, and ETF inflows have prompted investors to embrace the once-scorned digital asset class, driving bellwether bitcoin to record highs.
Several crypto firms, including exchange Gemini and asset manager Grayscale, are now aiming to go public during an IPO window revived by robust tech earnings, along with expectations of easing tariffs and interest rates.
J.P. Morgan and Jefferies were the lead underwriters for Bullish's IPO.
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