Peter Thiel-backed Bullish has announced an increase in the size of its IPO, targeting to raise $990 million through its stock offering.
Upsizing the IPO
Bullish is increasing its IPO size and price range, targeting a valuation between $4.8 billion and $5 billion. According to the updated filing, the company is offering 30 million shares priced between $32 and $33. This also indicates positive momentum in investor interest.
Institutional Interest
Notable institutional interest includes potential investments from firms like BlackRock, which may invest up to $200 million. This underscores the growing interest from major financial players in Bullish and other cryptocurrency projects.
Anticipated NYSE Listing
Bullish's CEO, Tom Farley, stated: "Bullish stock will trade on the NYSE under the ticker BLSH once the deal closes." The company's current approach represents a direct market entry for raising capital without resorting to the SPAC route.
Bullish is setting its sights on a significant IPO amid growing interest from institutional investors, which may set a precedent for other cryptocurrency companies intending to go public.
