What You Need to Know
- Bullish has increased the size of its planned IPO to $990 million, offering 30 million shares priced between $32 and $33 each.
- At the upper end of this new price range, Bullish, which owns CoinDesk, would achieve a valuation of $4.8 billion.
- Investment firms BlackRock and Ark Invest plan to collectively purchase $200 million in shares, as outlined in SEC filings.
The crypto exchange Bullish has adjusted the size of its initial public offering, aiming for $990 million instead of the previous estimate of $629 million. Capitalizing on the favorable market conditions for crypto firms, Bullish looks to enhance its share sales.
Bullish operates as a subsidiary of CoinDesk.
Bullish CEO Tom Farley
Recent SEC Filings
On August 11, Bullish disclosed that it plans to sell 30 million shares pricing between $32 to $33 each. This indicates a target of $990 million and a valuation of $4.8 billion if sold at the highest price.
Earlier, they had sought to market 20.3 million shares priced from $28 to $31, estimating around $629 million and a $4.2 billion valuation at the top of the original range.
Bullish is one of several crypto companies taking advantage of the current surging IPO landscape as the industry benefits from clearer regulations and renewed investor enthusiasm, along with rising prices for major cryptocurrencies like Bitcoin and Ether.
Key Insights:
- Cage, a stablecoin issuer, was among the earliest to go public in June, enjoying a 93% increase in its stock prices since.
- Bullish has also noted interest from funds managed by BlackRock and Ark Investment Management, which are keen on purchasing $200 million worth of shares in this offering.
- The company’s trading ticker will be BLSH, with a predicted net income between $106 million and $109 million for the second quarter after previous losses during the first quarter and fourth quarter of 2024.
