Cayman Islands, August 12, 2025 – Bullish, an institutionally focused global digital asset platform that provides market infrastructure and information services, today announced the pricing of its upsized initial public offering of 30,000,000 ordinary shares at a public offering price of $37.00 per share.

The shares are expected to begin trading on the New York Stock Exchange on August 13, 2025 under the ticker symbol “BLSH”. The offering is expected to close on August 14, 2025, subject to the satisfaction of customary closing conditions.

In addition, Bullish has granted the underwriters a 30-day option to purchase up to 4,500,000 additional ordinary shares, at the initial public offering price, less underwriting discounts and commissions.

J.P. Morgan and Jefferies are acting as lead book-running managers of the offering. Citigroup is acting as joint book-running manager. Cantor, Deutsche Bank Securities, and Societe Generale are acting as additional book-running managers. Canaccord Genuity, Keefe, Bruyette & Woods, A Stifel Company, Oppenheimer & Co., and Rosenblatt are acting as co-managers.

A registration statement relating to the offering of securities has been filed with the SEC and became effective on August 12, 2025. The offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the final prospectus, when available, may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at [email protected] and [email protected]; or from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by phone at (877) 821-7388 or by email: [email protected]; or from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by phone at (800) 831-9146.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Bullish

Bullish (NYSE: BLSH) is an institutionally focused global digital asset platform that provides regulated market infrastructure and information services. This includes Bullish Exchange – an institutionally focused digital assets spot and derivatives exchange, integrating a high-performance central limit order book matching engine with automated market making to provide deep and predictable liquidity. Bullish Europe is regulated under MiCAR as a crypto asset service provider offering spot trading and custody services for digital assets.

Bullish is the parent company of CoinDesk, a leading provider of digital asset media and information services. CoinDesk's offerings include: CoinDesk Indices – a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; CoinDesk Data – a broad suite of digital asset market data and analytics, providing real-time insights into prices, trends and market dynamics; and CoinDesk Insights – a digital asset media and events provider and operator of coindesk.com, a digital media platform that covers news and insights about digital assets, the underlying markets, policy and blockchain technology.

For more information, please visit bullish.com and follow LinkedIn and X.

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Contacts

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