TLDR
- Bullish has increased its IPO target to $990 million ahead of its New York Stock Exchange debut.
- The company will sell 30 million shares priced between $32 and $33 each.
- At the top price, Bullish would reach a market valuation of about $4.8 billion.
- This is a 57% increase from the earlier 629 million dollar IPO target announced earlier this month.
- Peter Thiel backs bullish and owns the digital-asset platform CoinDesk.
Bullish, backed by Peter Thiel, has expanded its IPO plans to raise $990 million for its New York Stock Exchange debut. The digital-asset exchange and owner of CoinDesk will sell 30 million shares at $32 to $33 each. At the top price, Bullish would achieve a $4.8 billion valuation based on its outstanding shares.
Bullish Increases Offering Size and Price Range
The company raised its IPO target from an earlier $629 million goal announced earlier this month. It initially planned to offer 20.3 million shares priced between $28 and $31. This adjustment marks a 57% increase in the offering size and reflects strong interest in the market.
Peter Thiel-backed Bullish has shown greater confidence in investor demand through this revised plan. According to its SEC filing, the Cayman Islands-based firm expects institutional and retail participation. “The market has responded positively to our strategy,” the company stated in its announcement.
When it launches on the NYSE, the IPO will trade under the ticker symbol BLSH. The increase in both price range and share count shows management’s focus on maximizing valuation. JPMorgan Chase, Jefferies Financial Group, and Citigroup are acting as lead underwriters.
Crypto IPO Activity Gains Momentum
Bullish’s IPO comes during a surge in public offerings by cryptocurrency-related companies. The Trump administration’s supportive position toward the sector has encouraged more listings through IPOs, mergers, and reverse takeovers. This environment has helped companies secure higher valuations and broader investor attention.
Stablecoin issuer Circle Internet Group saw strong gains after its $1.2 billion public listing in June. Market analysts see Bullish’s upsized plan as another sign of strength in the digital-asset infrastructure segment. “Rising demand is driving larger and more confident offerings,” one industry observer said.
Bullish had earlier planned to go public through a SPAC merger in 2021. That deal, valued at about $9 billion, was paused in 2022. Market changes at that time shifted the company’s timeline for entering public markets.
Potential Impact on Future Crypto Listings
Analysts believe a successful Bullish IPO will encourage other cryptocurrency exchanges to follow. Strong pricing and demand may set a precedent for upcoming deals. This could create a new wave of digital-asset companies entering the NYSE and Nasdaq.
The move also strengthens Peter Thiel’s position in the industry as a major backer of high-profile ventures. Bullish’s growth strategy and market position have been key factors in attracting institutional investors. If it meets its valuation target, Bullish will become one of the largest publicly traded digital-asset exchanges globally.
The post Peter Thiel-Backed Bullish Eyes $4.8B Value After $990M IPO Boost appeared first on Blockonomi.
Source: https://blockonomi.com/peter-thiel-backed-bullish-eyes-4-8b-value-after-990m-ipo-boost/