After much anticipation, Bullish, a cryptocurrency exchange backed by Peter Thiel, has officially revealed an ambitious plan to increase its initial public offering (IPO) size to approximately $990 million.
A recent filing with the US Securities and Exchange Commission (SEC) specifies that the company is set to issue 30 million shares, each priced between $32 and $33. This aims to achieve a market valuation of approximately $4.8 billion.
This updated strategy reflects a significant change from earlier plans, which intended to sell 20.3 million shares at a range of $28 to $31, corresponding to a valuation target of $4.2 billion.
Overview of Bullish’s IPO Strategy
Operating under the leadership of former NYSE president Tom Farley, Bullish has given its underwriters—JPMorgan, Jefferies, and Citigroup—a 30-day window to sell an additional 4.5 million shares if demand is high.
Upon completion of its IPO, Bullish expects its stock to trade on the New York Stock Exchange, using the ticker symbol “BLSH.”
In a demonstration of confidence, prominent investment firms like BlackRock and ARK Investment Management, led by Cathie Wood, have shown interest in purchasing up to $200 million worth of BLSH shares.
This enthusiasm indicates a broader resurgence in investor confidence in the cryptocurrency market, supported by favorable regulatory developments under President Donald Trump’s administration. Recent successes in the sector, such as the impressive debut of Circle, a stablecoin issuer, further highlight this trend.
Emerging Crypto Firms in Public Trading
Bullish was established in 2021, a year often nicknamed “the year of the bull” for crypto enthusiasts. The company plans to allocate a large portion of its IPO proceeds into stablecoins, collaborating with dollar-pegged cryptocurrency issuers to facilitate liquidity and stability.
This move comes on the heels of the passage of the GENIUS Act, a pivotal legislation by President Trump that aims to create a structured environment conducive for stablecoins to integrate with traditional financial systems.
Despite its ambitious fundraising goals, Bullish reported a substantial loss of $349 million for Q1, contrasting sharply with the $105 million profit it recorded during the same quarter last year.
As Bullish gears up for its IPO, it joins a growing list of crypto enterprises taking the plunge into public market. Notably, Mike Novogratz’s Galaxy Digital recently completed its uplisting to Nasdaq, while eToro has commenced trading publicly.
Additionally, major players in the cryptocurrency space, such as BitGo and the Winklevoss-led Gemini Exchange, have both confidentially applied for US listings, suggesting renewed investor interest amid a supportive regulatory climate.
In light of these developments, the cryptocurrency market capitalization soared to a staggering $4 trillion this past Monday, with Bitcoin (BTC) once again crossing the $120,000 mark.
However, following this initial surge in momentum, the overall market cap has since stabilized to approximately $3.93 trillion.
Image credit: DALL-E; chart source: TradingView.com.
