Crypto exchange Bullish raised $1.1 billion in its US initial public offering after selling 30 million shares at $37 each, well above the already-increased range of $32 to $33. The sale gives the Cayman Islands-based company an implied market value of about $5.4 billion and follows strong demand that left the deal roughly 20 times oversubscribed, according to people familiar with the order book. JPMorgan, Jefferies and Citigroup led the offering, which includes a 30-day option to place an additional 4.5 million shares. BlackRock and Cathie Wood’s ARK Investment Management signalled interest in buying as much as $200 million of the stock. Bullish will trade on the New York Stock Exchange under the symbol BLSH later today. Bullish, led by former NYSE president Tom Farley and backed by billionaire investor Peter Thiel, operates an institutional-focused digital-asset platform and owns crypto news service CoinDesk. Since launching in 2021, the exchange has logged more than $1.25 trillion in cumulative trading volume. The listing marks the company’s second attempt to go public after a planned $9 billion SPAC merger collapsed in 2022 and underscores renewed investor appetite for crypto-related offerings in 2025.