Carey Olsen Advised Bullish On Its US$1.1 Billion New York Stock Exchange IPO

Carey Olsen advised Bullish on its US$1.1 billion New York Stock Exchange IPO

Carey Olsen has advised as Cayman Islands counsel to leading institutional cryptocurrency exchange Bullish in connection with its upsized initial public offering (IPO) of shares on the New York Stock Exchange (NYSE) under ticker symbol BLSH, valuing the company at US$5.4 billion.

The listing makes Bullish one of only two NYSE-listed cryptocurrency exchanges, alongside Coinbase, and attracted upfront commitments of US$200 million in the offering from BlackRock and ARK Investment Management. The IPO follows Bullish’s rapid expansion, including its acquisitions of CoinDesk and CCData in 2023 and 2024.

Commenting on the deal, Michael Padarin said:

"We would like to extend our sincere congratulations to the Bullish team on their landmark IPO on the NYSE. Having worked alongside the team on a number of prior funding and restructuring transactions, it was a privilege to support them on this major milestone for the company. Significant interest in the listing and other recent peer listings highlights the continued growth of the digital assets industry and increasing institutional appetite for exposure to this sector."

Carey Olsen’s Digital Assets and Fintech team regularly advises on some of the largest and most complex projects in the digital assets, crypto, and fintech sectors, including novel token launches and cross-border financings.

The Carey Olsen team was led by Michael Padarin (Partner, Hong Kong). Morgan Lewis acted as US counsel to Bullish. J.P. Morgan Securities LLC, Citigroup, and Jefferies LLC acted as joint book-running managers of the IPO and as representatives of the underwriters.

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