Bullish, a global digital asset platform focused on institutional clients, just revealed that it has upsized its IPO to $990 million from $629 million. The Coindesk owner is now set to offer 30 million shares at $32 to $33 each, up from their earlier plan to sell 20.3 million shares at $28 to $31 each, as per a recent SEC filing.
At the top of its price range, Bullish would be worth about $4.82B, up from $4.2B, with 146.2M shares after the IPO. BlackRock and Cathie Wood’s ARK have also shown interest in buying up to $200M of the shares.
Bullish is also giving underwriters a 30-day window to buy up to 4.5 million extra shares at the IPO price, after fees. The company is set to debut on the New York Stock Exchange with the ticker BLSH, and intends to use the IPO funds for general business needs and possible future acquisitions.
JPMorgan and Jefferies are leading the IPO, with Citigroup acting as joint manager. Other lead managers include Cantor Fitzgerald, Deutsche Bank, and Société Générale. Co-managers are Canaccord, KBW, Stifel, Oppenheimer, and Rosenblatt, making for a strong group of financial institutions backing the deal.
Notably, Bullish holds over $3 billion in liquid assets, including 24,000 bitcoin, 12,600 ether, and $418 million in cash and stablecoins, with limited exposure to DeFi. It also plans to convert part of its IPO proceeds into U.S. dollar-pegged stablecoins, working with one or more issuers, according to its filing.
Bullish runs a digital asset platform for institutional clients across 50+ countries, excluding the US. In November 2023, it expanded into crypto media by buying CoinDesk from Digital Currency Group for $72.6 million.
With growing backing from the Trump administration, more crypto firms are making moves to enter public markets through IPOs, reflecting a rising trend in the industry. This trend picked up steam after Circle Internet Group’s $1.2 billion IPO in June sent its stock soaring, inspiring others to follow suit.
Bullish aimed to go public via a SPAC merger in 2021, targeting a valuation of nearly $9 billion, but dropped it in 2022. Other major crypto players like BitGo and Grayscale have filed for IPOs, while exchanges such as Kraken and OKX are considering going public.
Bullish is positioning itself as a major player in the institutional crypto space. Its strong liquidity, media ownership, and stablecoin strategy make it an IPO to watch!
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
XRP is stepping into a larger role in Asia’s digital economy. By 2026, reports say…
Ethereum (ETH) is trading at $4,531, up 1.6% in the last 24 hours, with a…
Best crypto to buy in October has become the hot question for traders, investors, and…
As ADA fights to keep going, investors are looking for crypto projects that offer both…
Ethereum’s early investors are often cited as the most fortunate in crypto history. During its…
A surprising trend has continued to emerge, with market watchers reporting large liquidations and capital…
