Carey Olsen advises Bullish on its US$1.1 billion New York Stock Exchange IPO
Carey Olsen has acted as Cayman Islands counsel to leading institutional cryptocurrency exchange Bullish in connection with the upsized initial public offering ("IPO") of its 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 two NYSE-listed cryptocurrency exchanges, alongside Coinbase, and attracted upfront commitment of US$200 million in the offering by BlackRock and ARK Investment Management. This follows a period of rapid growth for Bullish, having acquired CoinDesk and CCData in 2023 and 2024.
The Carey Olsen team was led by Hong Kong corporate partner Michael Padarin. Morgan Lewis acted as US counsel to Bullish in connection with the IPO.
J.P. Morgan Securities LLC, Citigroup and Jefferies LLC acted as joint book-running managers of the IPO and as representatives of the underwriters.
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 clients on the largest projects in the digital assets, crypto and fintech space, including novel and complex token launches.
Carey Olsen Hong Kong SAR is home to a team of experienced offshore lawyers, advising on the laws of Bermuda, the British Virgin Islands and the Cayman Islands. The firm works alongside Asia-Pacific’s leading regional and domestic law firms, including the Chinese 'Red Circle' law firms, and all of the world’s largest international law firms, accountancy firms and insolvency practitioners. The team comprises English, Mandarin and Cantonese speakers.
