Bullish, a digital asset platform focusing on institutional clients, has reported an increase in its initial public offering (IPO) size from $629 million to $990 million. The updated IPO now includes the offering of 30 million shares at a price range of $32 to $33.
Bullish IPO Valuation
According to the latest information, at the top of the price range, Bullish would be valued at about $4.82 billion, up from a previous valuation of $4.2 billion. After the IPO, 146.2 million shares will be on the market. BlackRock and Cathie Wood of ARK have also shown interest in purchasing up to $200 million of the shares.
Leading Banks in the Deal
The IPO of Bullish is led by JPMorgan and Jefferies, with Citigroup acting as a joint manager. Other lead managers include Cantor Fitzgerald, Deutsche Bank, and Société Générale. Co-managers include Canaccord, KBW, Stifel, Oppenheimer, and Rosenblatt.
Bullish's Asset Base and Plans
Bullish holds over $3 billion in liquid assets, including 24,000 bitcoin, 12,600 ether, and $418 million in cash and stablecoins. The company also plans to convert part of its IPO proceeds into U.S. dollar-pegged stablecoins. Bullish operates in over 50 countries, excluding the U.S., and expanded into media by acquiring CoinDesk for $72.6 million in November 2023.
The interest in Bullish’s IPO reflects a growing trend among cryptocurrency companies to enter public markets. The company intends to use the IPO funds for general business needs and potential future acquisitions.
