Digital asset platform Bullish Ltd. announced on Aug. 4 that it has launched the roadshow for its initial public offering (IPO), focusing on institutional participation. The offering will consist of 20.3 million ordinary shares, with an additional 3.045 million shares available to underwriters through a 30-day option. Shares are expected to be priced between $28.00 and $31.00 each, although the terms remain subject to market conditions and regulatory approval. Bullish intends to list on the New York Stock Exchange under the ticker symbol “BLSH.”

The company disclosed how it plans to allocate the offering proceeds, stating:

Bullish intends to use the proceeds of this offering for general corporate and working capital purposes, including funding potential future acquisitions.

A consortium of global investment banks is managing the offering. J.P. Morgan and Jefferies are serving as lead book-running managers, with Citigroup as a joint book-runner.

Other institutions involved include Cantor, Deutsche Bank Securities, Societe Generale, and several co-managers such as Canaccord Genuity, Keefe, Bruyette & Woods (a Stifel Company), Oppenheimer & Co., and Rosenblatt. The IPO is being conducted under a Form F-1 registration statement filed with the U.S. Securities and Exchange Commission (SEC), which has not become effective.

Bullish offers a range of services designed to support institutional access to digital asset markets. Its regulated exchange platform operates in jurisdictions including Germany, Hong Kong, and Gibraltar, utilizing a hybrid model that merges central limit order book infrastructure with automated market making. Bullish also provides analytics, benchmarks, and news through its Coindesk-branded data services, catering to both digital-native firms and traditional finance players seeking structured exposure to crypto assets.

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