Bullish Targets $4.8 Billion Valuation in Expanded IPO Backed by BlackRock and Ark Invest.

 

August 11, 2025 — New York, NY — Bullish, the cryptocurrency exchange known for its deep-liquidity trading platform, is aiming for a market valuation of approximately $4.8 billion in its upcoming initial public offering (IPO), according to people familiar with the matter.

The company has increased the size of its IPO following strong demand from institutional investors. Major backers of the deal include global asset management giants BlackRock and Ark Invest, both of which have signaled long-term confidence in Bullish’s growth prospects.

Strategic Growth and Institutional Backing

Founded in 2021, Bullish operates as a hybrid exchange, combining centralized exchange speed with DeFi-style transparency through on-chain auditing. The platform has positioned itself as a destination for professional traders seeking high liquidity and competitive fees.

The injection of capital from BlackRock and Ark Invest provides Bullish with the financial muscle to accelerate product development, expand into new markets, and enhance its institutional trading tools.

IPO Market Interest Signals Confidence in Crypto Sector

Bullish’s upsized IPO comes amid a broader rebound in cryptocurrency markets, with both Bitcoin and Ethereum trading near multi-year highs. Investor appetite for crypto-related equities has strengthened, buoyed by the success of spot Bitcoin and Ethereum ETFs and the entry of more traditional financial institutions into the space.

If the offering prices at the high end of its expected range, Bullish could secure one of the largest IPO valuations for a digital asset exchange in recent years.

Looking Ahead

Bullish has not yet disclosed its final IPO date, but industry analysts believe a successful listing could position the exchange as one of the leading publicly traded players in the crypto arena — potentially rivalling Coinbase in institutional market share.