Bullish Surges with $1.1 Billion NYSE IPO
Deal News | Aug 14, 2025 | Carey Olsen
Carey Olsen has advised cryptocurrency exchange Bullish on its USD 1.1 billion IPO on the New York Stock Exchange, marking a significant milestone for the company and making it the second NYSE-listed cryptocurrency exchange alongside Coinbase. The IPO drew upfront commitments of USD 200 million from BlackRock and ARK Investment Management. Bullish's rapid growth trajectory has been marked by its recent acquisitions of CoinDesk and CCData, reflecting the increasing institutional interest in the digital assets sector. Carey Olsen's team, led by Hong Kong corporate partner Michael Padarin, worked in conjunction with US counsel Morgan Lewis. J.P. Morgan Securities LLC, Citigroup, and Jefferies LLC acted as joint book-running managers of the IPO. The success of Bullish's listing underscores the burgeoning interest in digital assets and the fintech industry's exponential growth.
Sectors
- Cryptocurrency
- Financial Services
- Fintech
Geography
- United States – The IPO for Bullish took place on the New York Stock Exchange.
- Hong Kong – Carey Olsen's involvement is through its Hong Kong partner, highlighting the firm's work from this region.
Industry
- Cryptocurrency – Bullish is a cryptocurrency exchange, and its IPO on the NYSE reflects growth and interest in the sector.
- Financial Services – The article covers an IPO, showcasing financial market operations involving firms like J.P. Morgan and Citigroup.
- Fintech – Carey Olsen's expertise in digital assets and fintech is highlighted in their advisory role on this IPO.
Financials
- US$1.1 billion – The total value of Bullish’s IPO on the New York Stock Exchange.
- US$200 million – The upfront commitment by BlackRock and ARK Investment Management in the IPO.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bullish | Target Company | Company | A cryptocurrency exchange that completed a $1.1 billion IPO on the NYSE. |
| Carey Olsen | Legal Advisor | Company | Advised Bullish on the IPO, specializing in digital assets and fintech. |
| Morgan Lewis | US Legal Advisor | Company | Acted as US counsel to Bullish during the IPO. |
| J.P. Morgan Securities LLC | Joint Book-Running Manager | Company | One of the managers involved in running the IPO. |
| Citigroup | Joint Book-Running Manager | Company | Served as one of the underwriters for the IPO. |
| Jefferies LLC | Joint Book-Running Manager | Company | Part of the underwriting team managing the IPO. |
| BlackRock | Investor | Company | Committed US$200 million to the IPO. |
| ARK Investment Management | Investor | Company | Invested US$200 million in the IPO. |