Bullish Upsizes IPO, Targets $4.82 Billion Valuation

Cryptocurrency exchange Bullish, backed by Peter Thiel, expands its IPO to target 30 million shares at $32–$33 each, aiming for a $4.82 billion valuation.

The IPO’s upsizing reflects strong institutional interest, notably from BlackRock and ARK, potentially signaling enhanced confidence in regulated crypto trading as it lists under ‘FLY.’

Bullish Aims for $4.82 Billion Valuation with IPO Expansion

Bullish has increased its initial public offering size to reach valuation up to $4.82 billion. This adjustment aims to sell 30 million shares at a price range of $32 to $33 per share. Block.one, the company behind Bullish, launched the platform in 2020. Key investors, including BlackRock and ARK, have shown interest, with plans to purchase $200 million in shares. The company plans to price on Tuesday and begin trading under the ticker “FLY” the following day.

The new plan extends the initial target of selling 20.3 million shares at $28 to $31 to now larger share sales. Bullish’s commitment to expanding its regulatory footprint accompanies this updated IPO strategy. No token issuance ties to this offering, aligned with the firm’s goal to bolster its market standing and pursue funding for corporate purposes, which include market expansion.

“We’re committed to building a compliant, institutional-grade exchange that brings traditional market standards to digital assets.” — Tom Farley, CEO, Bullish

Reactions from the crypto community remain measured, though notable figures such as Tom Farley, CEO of Bullish, highlighted the platform’s commitment to building a compliant, institutional-grade exchange. While no direct comments were found from leading influencers like Arthur Hayes, CZ, or others, the move is precisely timed to suggest institutional platforms realize larger capital markets.

Crypto Listing Impacts and Market Sentiments

Did you know? Public listings of crypto exchanges can influence sentiment, similar to Coinbase’s direct listing in 2021, which impacted Bitcoin prices, although mainly through market perceptions rather than technical changes.

Bitcoin (BTC) remains a key player with a market cap of $2.36 trillion and a current price of $118,673.80. Its dominance has increased to 59.90%. Over the last 90 days, Bitcoin has shown a price gain of 14.01%, reinforcing confidence amidst these notable developments. Data sourced from CoinMarketCap highlights the ongoing shifts within the crypto space.

The Coincu research team suggests that Bullish’s public offering may predict broader acceptance for digital asset platforms within financial markets. This could correlate with improved liquidity conditions, enhancing market dynamics for cryptocurrencies like BTC and ETH beyond superficial investment trends.