Pavlo Gonchar | SOPA Images | AP
Bullish, a cryptocurrency trading platform backed by Peter Thiel, has increased the size of its planned initial public offering (IPO).
According to a recent filing with the Securities and Exchange Commission made public on Monday, Bullish intends to generate $990 million through the sale of 30 million shares. The shares are being offered at a price range of $32 to $33 each, with the company aiming for a valuation of approximately $4.8 billion.
In an earlier announcement released last week, the exchange, headed by Tom Farley, the former president of the New York Stock Exchange, had initially planned to offer 20.3 million shares priced between $28 and $31, targeting a valuation of $4.2 billion.
The IPO underwriters, including JPMorgan, Jefferies, and Citigroup, have been granted a 30-day option by Bullish to purchase an additional 4.5 million shares. Bullish’s stock will be listed on the New York Stock Exchange under the ticker symbol “BLSH.”
The updated filing reveals that major investment firms such as BlackRock and Cathie Wood’s ARK Investment Management have expressed interest in acquiring up to $200 million worth of shares in the offering.
Bullish, which also owns the crypto news website CoinDesk, is the latest cryptocurrency-focused enterprise to enter the public markets. This trend reflects a revitalization of capital markets, fueled by growing investor confidence and increased regulatory support and clarity from authorities in Washington. Circle, the issuer of the stablecoin Circle, recently had a successful IPO in June. Before that, in May, Mike Novogratz’s Galaxy Digital was listed on the Nasdaq, and the trading platform eToro commenced public trading.
Furthermore, crypto custody provider BitGo has confidentially filed for a U.S. IPO, following the lead of Gemini, the cryptocurrency exchange operated by the Winklevoss twins, Tyler and Cameron.