Cryptocurrency exchange Bullish has announced an increase in its initial public offering (IPO) target size to $990 million, aiming for a valuation of $4.8 billion.
IPO Parameters
According to a revised filing with the U.S. Securities and Exchange Commission, Bullish plans to sell 30 million shares priced between $32 and $33 each. This change marks a significant increase from last week's proposal of selling 20.3 million shares in the $28 to $31 range, targeting to raise $629 million with a valuation of $4.2 billion.
Institutional Interest
Institutional appetite for the offering looks robust, with BlackRock and Cathie Wood's Ark Investment Management agreeing to purchase up to $200 million worth of stock at the IPO price. Bullish’s IPO will be listed on the New York Stock Exchange under the symbol BLSH.
Market Context
The offering arrives in the middle of a new cycle of cryptocurrency-linked IPOs due to increasing digital asset values and clear U.S. regulatory guidelines. If successful, Bullish’s IPO might rank among the largest for a crypto-native company this year, reflecting strong investor demand for blockchain-based financial platforms.
Thus, the increase in Bullish’s IPO size points to investor confidence in cryptocurrency platforms and their expectations for market growth.
