Bullish submits IPO application to the US Securities and Exchange Commission, aiming to raise $629 million

According to Golden Finance, digital asset exchange Bullish and its subsidiary CoinDesk have submitted an initial public offering (IPO) application to the US Securities and Exchange Commission (SEC). According to the application documents, Bullish plans to issue 20.3 million shares at a price range of $28-31 per share, with a maximum fundraising amount of $629 million, corresponding to a company valuation of approximately $4.2 billion. Bullish's business scope includes digital asset spot trading, leveraged trading, and derivative trading, while providing liquidity services to stablecoin issuers. Financial data shows that the company's digital asset sales in the first quarter of 2025 reached $80.2 million, with a net loss of $349 million. Bullish acquired cryptocurrency media platform CoinDesk for $72.6 million in 2023.