CoinDesk Owner Bullish Starts Trading

Bullish, the company that owns crypto news and data site CoinDesk, began trading this week, with a higher valuation than expected — a sign of optimism for digital assets such as Bitcoin and Ethereum, Paul R. La Monica and Brian Swint reported for Barron’s Daily.

Bullish's CEO is Tom Farley, former head of the NYSE. Peter Thiel, the Silicon Valley venture capitalist, was an early investor, and Galaxy Digital also holds a stake. (Photo: New York Stock Exchange Facebook)

Bullish announced late Tuesday that it will offer 30 million shares priced at $37 each under the ticker BLSH.

As recently as Monday, the company expected to price shares between $32 and $33. The stock will trade on the New York Stock Exchange starting Wednesday.

The company boasts a notable roster of executives and investors. Its CEO is Tom Farley, former head of the NYSE. Peter Thiel, the Silicon Valley venture capitalist, was an early investor, and Galaxy Digital also holds a stake.

Bullish said that BlackRock, the owner of iShares, and Cathie Wood’s ARK Investment Management have expressed interest in buying shares at the IPO. With 150.7 million shares outstanding, a $37 IPO price would give Bullish a market capitalization of $5.6 billion — roughly the size of Lyft or Avis.

Bitcoin and other cryptocurrencies are trading near record highs, and further gains could benefit Bullish. The company currently holds about $2 billion worth of crypto on its balance sheet.