CoinDesk "Steps Into" Wall Street As Its Owner Eyes an IPO

Bullish, the owner of one of the largest cryptocurrency media outlets, is making its debut in the United States with plans for an initial public offering (IPO) that could value the company as high as $4.2 billion.

Bullish, headquartered in the Cayman Islands, operates an institutional-grade digital asset trading platform available across more than 50 jurisdictions; everywhere except the United States.

After a long wait, it seems that Bullish is finally ready to enter into the American market, and its doing so with a bang.

According to recent regulatory filings, Bullish has outlined its plan to issue 20.3 shares, with each of them selling between $28 and $31 each.

Bullish has also set its target to raise between $568 million and $629 million through this IPO, potentially nudging the value of the company to $4.2 billion.

If regulators give the green light, trading could begin as early as August 12.

Support From Some Of Wall Street's Strongest

Even before its official IPO, the company has also captured the attention of some of Wall Street's biggest names.

Both BlackRock and ARK Investment Management have signalled their interest in purchasing up to$200 million worth of stock.

Interestingly, the company has also revealed plans to allocate a portion of the IPO proceed into US dollar-denominated stablecoins, reflecting a trend among crypto-native firms to blend digital assets with traditional finance.

In 2023, Bullish also bought over CoinDesk-hailed as the second largest crypto media outlet from Digital Currency Group for $72.6 million.

CoinDesk is reported to have an average of 4.9 million monthly viewers in 2024, making it the second most popular crypto media company in the world.

Crypto Firms Charging To Wall Streets

Bullish’s move comes amid a flurry of crypto industry IPOs in the US. Notable recent actions include BitGo’s public filing,though it did not disclose the number of share or its targeted valuation.

Last week, Kraken’s was reported to host a $500 million fundraising pursuit that could yield a $15 billion valuation, while OKX’s preparations for a IPO after recently reluanching its services in the country.

Meanwhile, stablecoin issuer Circle saw its own IPO drive billions in new market value after targeting nearly $900 million in funding.

This surge in crypto IPO activity is fueled by increasing regulatory clarity and growing institutional adoption of digital assets.

Key legislative milestones, such as the GENIUS Act signed into law by President Donald Trump last month and new bills covering market structure and anti-CBDC measures, have laid the groundwork for mainstream acceptance and financialization of cryptocurrency.

With major backers like BlackRock and ARK on board, Bullish’s IPO is poised to become a bellwether for the next phase of institutional crypto adoption and public market enthusiasm.