Crypto exchange Bullish has restarted listing with an IPO prospectus valued at $4.2 billion Crypto exchange @Bullish has submitted an IPO prospectus to the U.S. SEC, intending to raise up to $629 million at a valuation of $4.23 billion, with some of the funds to be converted into US dollar stablecoins. The company holds $874 million in cash and $2.4 billion in customer assets, acquired @CoinDesk in 2023, and has an average daily trading volume of more than $2.5 billion in Q1 2025, ranking among the top five spot trading transactions between Bitcoin and Ethereum.