Maples and Calder, the Maples Group’s law firm, is pleased to have advised the representatives of the underwriters on Bullish’s upsized US$1.3 billion initial public offering (“IPO”). The transaction closed on 13 August 2025.
Bullish, a leading institutional cryptocurrency exchange, is notably the first digital asset exchange to go public on the NYSE. Of the proceeds from the IPO, US$1.15 billion was settled in stablecoins denominated in dollars and euros.
Partner Louise Cowley and Associate Akshay Naidoo, from the firm’s Cayman Islands Corporate team, provided Cayman Islands counsel to the lead underwriters, J.P. Morgan Securities LLC and Jefferies LLC, and worked closely with US counsel, Davis Polk & Wardwell LLP.
Commenting on the IPO, Louise said, “We are pleased to have provided our Cayman Islands legal expertise to this pioneering IPO. This milestone highlights ongoing interest in the digital asset industry, which the Cayman Islands legal and regulatory framework is well-placed to facilitate.”