Bullish has successfully completed its initial public offering, securing a valuation in excess of $5 billion. This robust market reception underscores the increasing acceptance of digital assets within traditional financial markets.
A Solution for Crypto Custody
Bullish operates as a crypto exchange aimed primarily at institutional investors, along with managing CoinDesk—the trade publication dedicated to the cryptocurrency space. The IPO was spearheaded by leading financial institutions such as JPMorgan and Citigroup. Asset manager BlackRock and Cathie Wood’s investment fund Ark Invest showed significant interest in the offering, expressing willingness to purchase up to $200 million worth of shares.
Expanding Crypto Investing
Bullish is now valued at approximately $2 billion, mainly holding bitcoin with smaller amounts in ether and stablecoins. The company has also become a prominent custodian for digital assets, addressing regulatory challenges that have long been obstacles to the industry’s growth.
Since the Securities and Exchange Commission (SEC) approved the first bitcoin ETFs earlier this year, there has been a surge in interest from institutional investors. Nine major funds from companies like BlackRock and Fidelity have gained significant traction. This trend continued with the launch of five ether-based ETFs in June.
The current administration’s crypto-friendly policies, including lifting restrictions on bank holdings of digital assets, have further propelled this momentum. Recent proposals suggest that future retirees could allocate a portion of their 401(k) savings to cryptocurrency and other private assets.
These developments have led to record inflows into both bitcoin and ether ETFs. Ether funds alone saw over $1 billion invested in a single day recently, surpassing the previous daily record by more than double.
In tandem with this market interest, public companies are also increasing their crypto holdings. Data from Bitbo Treasuries indicates that ETFs and public/private companies now collectively control over 13.5% of the total bitcoin supply.