Peter Thiel-backed cryptocurrency exchange Bullish has increased the size of its initial public offering (IPO), aiming to raise $990 million by offering 30 million shares priced between $32 and $33 each. This move targets a valuation of approximately $4.8 billion, according to a Monday filing with the Securities and Exchange Commission (SEC). The company, led by former New York Stock Exchange president Tom Farley, had initially marketed 20.3 million shares at a proposed price range of $28 to $31 per share, seeking a $4.2 billion valuation in an earlier filing last week. Bullish has granted its underwriters—JPMorgan, Jefferies, and Citigroup—a 30-day option to sell an additional 4.5 million shares. The company's stock will trade on the New York Stock Exchange under the ticker symbol "BLSH." Notably, investment firms BlackRock and Cathie Wood's ARK Investment Management have expressed interest in purchasing up to $200 million of the shares, according to the updated SEC filing. Bullish, which also owns the crypto media site CoinDesk, is among the latest cryptocurrency firms to enter the public markets. This trend reflects renewed investor confidence and increasing regulatory clarity from Washington. Stablecoin issuer Circle made a highly successful debut in June, while Mike Novogratz's Galaxy Digital uplisted to Nasdaq in May. Additionally, stock and crypto trading app eToro recently opened trading to the public. Other crypto companies are also preparing to go public. Crypto custody startup BitGo and the crypto exchange Gemini, run by Tyler and Cameron Winklevoss, have confidentially filed for U.S. listings.

Frequently Asked Questions (FAQ)

About Bullish's IPO

Q: What is the target valuation for Bullish's IPO? A: The company is aiming for a valuation of approximately $4.8 billion. Q: How much money is Bullish aiming to raise with its IPO? A: Bullish aims to raise $990 million through its IPO. Q: What is the price range for Bullish's shares? A: The shares are priced between $32 and $33 each. Q: Which investment firms have expressed interest in purchasing shares? A: BlackRock and ARK Investment Management have expressed interest in purchasing up to $200 million of the shares. Q: What is the ticker symbol for Bullish's stock? A: Bullish's stock will trade on the New York Stock Exchange under the ticker symbol "BLSH." Q: How many shares are being offered in the IPO? A: Bullish is offering 30 million shares. Q: Who are Bullish's underwriters for the IPO? A: Bullish's underwriters are JPMorgan, Jefferies, and Citigroup. Q: Does Bullish own any other crypto-related businesses? A: Yes, Bullish also owns the crypto media site CoinDesk. Q: What other crypto firms have recently gone public or are preparing to? A: Circle and Galaxy Digital have recently had successful public market entries, and eToro recently opened trading to the public. BitGo and Gemini have confidentially filed for U.S. listings.

Crypto Market AI's Take

The move by Bullish to increase its IPO size and target a nearly $5 billion valuation signifies a growing trend of traditional finance embracing the cryptocurrency sector. This trend is further validated by the interest shown by major investment firms like BlackRock and ARK Investment Management, indicating a broadening acceptance and integration of digital assets into mainstream investment portfolios. The increasing regulatory clarity is a significant catalyst, enabling more established firms to confidently enter the market. At AI Crypto Market, we believe this influx of institutional capital and evolving regulatory landscape are key drivers for the broader digital asset market's maturation.

Crypto exchange Bullish raises IPO size, seeks nearly billion valuation

Frequently Asked Questions (FAQ)

About Bullish's IPO

Crypto Market AI's Take

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