US IPO Week Ahead: Bullish and Miami International Prepare for Market Debuts Amid August Slowdown
The U.S. IPO market will see two high-profile listings in the week ahead, a period that traditionally experiences reduced activity as August’s seasonal slowdown sets in. Despite the muted calendar, the upcoming offerings from Bullish and Miami International Holdings are expected to draw significant investor attention given their strategic positions in fast-evolving segments of the financial services industry. Both companies are seeking substantial capital raises that could help fuel expansion and strengthen their competitive edge.
Bullish: Capitalizing on Crypto Market Maturation
Bullish (Ticker: BLSH), headquartered in Grand Cayman, is aiming to raise $599 million at an estimated market capitalization of $4.3 billion. The company operates the “Bullish Exchange,” a digital trading platform built to provide deep liquidity and robust infrastructure for cryptocurrency markets. Beyond exchange services, Bullish delivers market data, research, and indices through its “CoinDesk” brand, expanding its reach into the broader digital asset information ecosystem.
The company has experienced a meaningful uptick in trading activity, benefiting from a gradual shift toward more defined regulatory frameworks in key jurisdictions. This regulatory clarity could unlock broader institutional participation, providing Bullish with a tailwind in the medium term. Still, the crypto sector remains inherently volatile, and investor sentiment can shift rapidly in response to macroeconomic conditions or sudden market events. The IPO will offer 20.3 million shares at a price range of $28 to $31, with JP Morgan and Jefferies acting as lead underwriters.
Miami International Holdings: Expanding Footprint in Derivatives Trading
Miami International Holdings (Ticker: MIAX), based in Princeton, New Jersey, plans to raise $300 million at a $1.9 billion market cap. The company operates four U.S. options exchanges and offers equities and futures trading primarily under the “MIAX” banner. For the first half of 2025, MIAX reported an average daily volume of 8.7 million U.S. options contracts, underscoring its growing influence in a space historically dominated by entrenched competitors.
MIAX has pursued a strategy of product diversification and technological innovation, with a pipeline of new offerings aimed at boosting liquidity and attracting both institutional and retail flow. However, the company’s revenue is closely tied to trading activity, making it highly sensitive to shifts in market volatility and investor participation. The IPO will consist of 15 million shares priced between $19 and $21, underwritten by JP Morgan and Morgan Stanley.
Comparative Positioning: Crypto Disruption vs. Derivatives Stability
The two IPOs present markedly different investment profiles. Bullish offers exposure to the rapidly changing crypto sector, where upside potential is significant but so is the risk of regulatory or market-driven drawdowns. MIAX, by contrast, operates within the more established framework of traditional derivatives trading, providing investors with a potentially steadier—though still cyclical—revenue base.
From a growth standpoint, Bullish is positioned to benefit from rising institutional adoption of digital assets, while MIAX stands to gain from increasing demand for options and futures products as part of sophisticated trading and hedging strategies. For portfolio managers seeking diversification within the financial infrastructure theme, these listings provide contrasting risk-reward dynamics.
IPO Market Outlook for the Rest of 2025
The debut of Bullish and MIAX comes at a time when IPO activity has been gradually recovering after a subdued period in 2023 and early 2024. Investor appetite for new listings in 2025 has been selective, favoring companies with strong balance sheets, differentiated business models, and clear growth trajectories. With the autumn IPO window traditionally more active, the performance of these two offerings could set the tone for a wave of larger listings expected later in the year.
Market watchers will also pay close attention to pricing and first-day trading performance, as these factors can influence broader sentiment. If both IPOs price toward the upper end of their ranges and open with strong demand, it could signal renewed confidence in capital markets heading into the second half of the year.
