Bullish IPO – how to trade Bullish shares

Learn about Bullish and its IPO, with information on the company profile, potential price drivers, and how to trade fintech shares.

When is the Bullish IPO?

Bullish – which owns Bullish Exchange and CoinDesk – listed on the New York Stock Exchange under the ticker ‘BLSH’ on 7 August 2025, following its initial product offering of 30m ordinary shares at $32-$33 per share. However, Reuters reported that the Bullish was priced above its indicated range, at $37 per share. – which would value the Bullish IPO at around $1.1bn.

JP Morgan and Jefferies led the offering, joined by Cantor, Deutsche Bank, and Societe Generale as additional book-running managers.

You can now trade Bullish (BLSH) shares directly on the New York Stock Exchange during standard US stock market trading hours. Alternatively, you could trade BLSH via derivatives, such as contracts for difference (CFDs), which means you speculate on Bullish’s share price without taking direct ownership.

Find more upcoming IPOs in our best upcoming IPOs in 2025 guide.

What is Bullish?

Bullish is a digital asset company that provides regulated trading and market data services. Founded in 2020 and owned by Block.one, Bullish operates the Bullish Exchange, a cryptocurrency derivatives platform which combines a central limit order book with automated market making – with licenses in Germany, Hong Kong, and Gibraltar.

In 2023, Bullish acquired CoinDesk, a digital asset news, indices, and analytics service. CoinDesk Indices provides a set of proprietary benchmarks for assets such as bitcoin (BTC) and ethereum (ETH), while CoinDesk Data delivers market insights for institutions. CoinDesk Media is the group’s media arm, covering digital asset markets, regulation, and blockchain technology.

Key milestones in BLSH’s history:

2020: Bullish was founded, with the goal of establishing a regulated crypto-derivatives trading platform.
2021: announced plans to list via a $9bn SPAC merger with Far Peak Acquisition; however, the transaction lapsed in late 2022 amid adverse market conditions.
2023: acquired CoinDesk, integrating digital asset news, indices and analytics under the Bullish group.
2025: filed for its initial public offering (IPO) and listed on the New York Stock Exchange.

What might influence the Bullish (BLSH) share price?

Crypto-market dynamics

Bullish’s core revenues respond to trading volumes and activity across major digital assets like bitcoin (BTC) and ethereum (ETH). Higher volatility and trading spikes – whether driven by macro news, news cycles, or sharp moves in crypto prices – have historically boosted Bullish’s fee income. Conversely, if activity cools or investor sentiment turns risk-off, revenues could be pressured.

Regulatory backdrop

The US GENIUS Act, signed into law on 18 July 2025, clarified federal rules and licensing requirements for payment stablecoins, which could influence Bullish’s strategy regarding regulated stablecoin balances. Changes in US, UK, or EU licensing – new approvals, or stricter requirements – could also move the share price, potentially lifting confidence or increasing compliance costs.

On 4 August 2025, Bullish CEO Tom Farley noted: 'Regulated market infrastructure providers are the future. Our model is built to meet these evolving standards.'

IPO mechanics and equity-market flows

Bullish ‘s offering comprises 20.3m shares prices somewhere between $28 and $31 and targeting up to $629m in proceeds, with a reported $4.2bn valuation. BlackRock and ARK have indicated interest in $200m of the book, providing some early support, but the expiration of lock-ups and the actions of underwriters in the first 30 days could introduce heightened volatility.

Competitive and strategic factors

Performance will be weighed against peers like Coinbase and Circle, with relative growth, compliance record, and new product launches all in focus. Bullish completed its acquisition of CoinDesk in November 2023 – future partnerships, M&A, or technology rollouts could similarly influence share price moves.

How to trade Bullish share CFDs

Bullish shares trade on the NYSE – you can speculate on their price movements by either investing – or via derivatives, such as contracts for difference (CFDs). Here’s how:

Choose a CFD provider: Select a regulated trading platform with Bullish (BLSH) CFDs. Not all brokers list new IPOs straight away, so check availability and trading hours.
Open and verify your account: Register with your chosen provider and complete identity verification, in line with local regulatory requirements.
Deposit funds: Fund your account with your preferred payment method. Most brokers support debit cards, bank transfers, and e-wallets.
Monitor Bullish’s performance: Track live share prices, financial releases, and industry news. 'IPO volatility can create rapid price swings,' noted one analyst – so keep an eye on trading updates and market reaction.
Place your trade: Decide whether to go long (buy) or short (sell) on BLSH shares. Set stop-loss orders to limit potential downside risk, and take-profits to lock-in potential gains. Stop-loss orders aren’t guaranteed, unlike guaranteed stop-loss orders (GSLOs) which incur a fee once activated.
Review your positions: Continuously monitor open trades and adjust exposure as needed.

CFDs are traded on margin, where leverage beyond 1:1 magnifies both losses and gains. Learn about the risks and how to protect your positions. Read our risk management guide.

Which fintech shares can I trade right now?

Beyond Bullish, there’s a wide range of listed fintech shares available to trade on most CFD platforms today:

Coinbase (COIN)

Coinbase is a cryptocurrency exchange. Its revenues depend on crypto trading activity and price swings in major tokens like BTC and ETH. Traders might watch Coinbase for its earnings, regulatory news, and updates on digital asset policy.

Wise (WISE)

Wise is a London-based money transfer specialist offering cross-border payment solutions to individuals and businesses. Its platform focuses on low-cost, real-time international payments. Wise’s share price could be influenced by volume growth, expansion into new markets, and competition from global banks.

Nu Holdings (NU)

Nu Holdings, also known as Nubank, is a digital financial services platform serving hundreds of millions of customers across Brazil, Mexico, and Colombia. Its products include no-fee current accounts to credit cards, loans, insurance, and a financial marketplace.

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FAQ

What is the Bullish IPO and why is it significant?

The Bullish IPO marks the public listing of Bullish (BLSH), a regulated digital asset company and crypto exchange, on the New York Stock Exchange. The event is notable for its high-profile investors, substantial initial valuation, and its potential to shape sentiment in the digital asset sector. Bullish’s IPO also reflects growing institutional interest in regulated crypto infrastructure.

How can I trade Bullish (BLSH) share CFDs after the IPO?

Once listed, you can trade Bullish share CFDs during standard US market hours either by buying shares directly or speculating on their price via contracts for difference (CFDs). Some CFD platforms offer extended trading hours. Availability may depend on your chosen broker, so check which platforms offer BLSH trading and ensure your account is verified and funded before placing trades.

What factors could impact Bullish’s share price after the IPO?

Bullish’s share price may be influenced by crypto-market volatility, trading volumes in digital assets like bitcoin and ethereum, and the broader regulatory environment. Company-specific developments, such as partnerships, new product launches, and competition from peers like Coinbase, could also play a role. Additionally, IPO-related factors like the expiration of lock-up periods may introduce short-term volatility.