Backed by Peter Thiel, Bullish is targeting a larger $990 million IPO, seeking a $4.8 billion valuation on the NYSE, driven by robust crypto investor enthusiasm.
Bullish Increases IPO Target as Investor Appetite Surges
Bullish, a cryptocurrency exchange and owner of CoinDesk, has expanded its initial public offering (IPO) to $990 million. The company intends to offer 30 million shares with a price range of $32 to $33 each, according to a recent filing with the Securities and Exchange Commission.
This represents a notable increase from its previous plan to sell 20.3 million shares priced between $28 and $31 apiece. If the shares reach the higher end of the revised pricing, Bullish’s valuation could reach approximately $4.8 billion, based on the total number of shares outstanding.
The upgraded offering is about 57% larger than the initial $629 million goal announced earlier this month. Headquartered in the Cayman Islands, the company is set to list on the New York Stock Exchange under the ticker BLSH.
Bullish’s IPO comes as cryptocurrency businesses experience heightened investor interest. A generally favorable regulatory environment has spurred more companies in the sector to pursue public listings via IPOs, mergers, or reverse mergers.
One recent example is stablecoin issuer Circle Internet Group, which saw its stock price increase after a $1.2 billion listing in June. Bullish had previously explored an IPO through a special purpose acquisition company merger in 2021. That prior agreement valued the merged business at roughly $9 billion.
However, those plans were put on hold in 2022 due to changing market conditions. JPMorgan Chase, Jefferies Financial Group, and Citigroup are managing the current offering. The upsized offering, with higher prices, indicates that the company expects substantial demand from both institutional and retail investors.
Bullish IPO: A Key Indicator for Crypto Market Confidence
According to industry analysts, this move signals growing investment in businesses focused on digital-asset infrastructure. A successful Bullish IPO could pave the way for more crypto-related companies to go public.
The decision to increase the number of shares offered and their price range demonstrates growing confidence in the company’s market position. This IPO provides Bullish with the opportunity to meet its target valuation, potentially establishing it as one of the world’s largest publicly traded digital-asset exchanges.
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Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]
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