Digital asset platform Bullish is raising the stakes on its public debut, increasing the size of its planned IPO from $629 million to $990 million.
The company, which owns crypto media outlet CoinDesk, now plans to sell 30 million shares in the $32–$33 range, up from its earlier target of 20.3 million shares priced between $28 and $31.
If shares price at the top of the range, Bullish’s valuation would reach about $4.82 billion, compared to the $4.2 billion estimate from its initial filing. BlackRock and Cathie Wood’s ARK Invest have expressed interest in purchasing up to $200 million worth of stock in the offering. Underwriters will also have a 30-day option to buy as many as 4.5 million additional shares.
NYSE Debut Backed by Wall Street Heavyweights
Bullish will list on the New York Stock Exchange, using proceeds for operational expansion and possible acquisitions. The deal is being led by JPMorgan and Jefferies, with Citigroup acting as joint manager. The underwriting roster also includes Cantor Fitzgerald, Deutsche Bank, Société Générale, and co-managers such as KBW, Stifel, Canaccord, Oppenheimer, and Rosenblatt.
Strong Balance Sheet and Stablecoin Ambitions
Bullish enters the IPO with more than $3 billion in liquid assets, including 24,000 BTC, 12,600 ETH, and $418 million in cash and stablecoins. The company’s SEC filing notes limited DeFi exposure and outlines plans to convert a portion of IPO proceeds into U.S. dollar-pegged stablecoins in partnership with one or more issuers.
Operating in over 50 countries but excluding the U.S., Bullish focuses on institutional clients. Its November 2023 acquisition of CoinDesk from Digital Currency Group for $72.6 million expanded its presence in the crypto media space.
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Source: https://coindoo.com/crypto-exchange-bullish-targets-4-8b-valuation-in-expanded-nyse-debut/