Bullish Increases IPO Size to Target $4.82 Billion Valuation
Bullish, a digital asset exchange backed by Peter Thiel, has increased its IPO size to target a $4.82 billion valuation on the New York Stock Exchange under the ticker "BLSH." The company plans to raise up to $990 million by selling 30 million shares priced at $32 to $33 each. This adjustment follows renewed investor interest and regulatory optimism in the US crypto sector attributed to recent political changes.
- Bullish's public listing marks a significant event for crypto trading platforms since Circle's $1.1 billion IPO in June.
- The firm primarily serves institutional clients and is led by Tom Farley, former NYSE president.
- Major institutions like BlackRock and ARK Investment are set to purchase $200 million in shares, highlighting increasing acceptance of digital assets.
A Second Attempt With a Better Regulatory Environment
This IPO comes after the Trump administration enacted the GENIUS Act, establishing a federal framework for stablecoins. As a result, several crypto-focused firms have recently pursued public offerings. Bullish intends to allocate a portion of the proceeds toward US dollar-pegged stablecoins. Key underwriters include J.P. Morgan, Jefferies, and Citigroup.
Bullish's current valuation reflects a 52% discount from its original $9 billion SPAC attempt in 2022, indicating more realistic market conditions.
The New Trend: Crypto US Companies Are Going Public
The launch of Bullish signals a new phase in US crypto regulation and market development. Companies like Circle have seen share prices rise significantly since their IPOs. The combination of institutional commitment and regulatory certainty is anticipated to spur further listings and attract conservative capital into digital assets.
The structure and timing of Bullish's IPO may inspire additional exchanges and fintech companies to pursue public offerings, further integrating the crypto industry into traditional financial markets.