Bullish Raises $1.11 Billion in IPO on August 13, 2025

According to media reports, Bullish successfully completed its initial public offering (IPO) on August 13, 2025, raising $1.11 billion. Following this financing round, Bullish’s cumulative fundraising reached $1.41 billion, with its latest valuation at $5.4 billion.Bullish (NYSE: BLSH) is a leading digital asset exchange focused on deep liquidity, automated market making, and top-tier security. Since its official launch in November 2021, the platform has experienced rapid growth. Financial data shows that Bullish achieved an adjusted EBITDA of $52 million in 2024, and its digital asset trading volume reached $80.236 billion in the first quarter of 2025.Notably, Bullish has been highly active in its development strategy. In October 2024, the company acquired CCData, further expanding its business footprint. In February 2025, Bullish obtained a virtual asset trading platform license in Hong Kong, underscoring its commitment to regulatory compliance. Prior to the IPO, Bullish opened its public share subscription on August 7, 2025, with an offering price range of $28–$31 per share and a total issuance of 20.3 million shares. This successful listing not only marks a new phase in Bullish’s growth but also reflects the traditional capital market’s recognition and confidence in the digital asset industry.