Bullish Expands IPO, Eyes Impressive $5 Billion Valuation

On Monday, the cryptocurrency exchange Bullish, with backing from Peter Thiel, announced an increase in the scope of its initial public offering.

Bullish now plans to generate $990 million through its IPO, proposing the sale of 30 million shares at the price range of $32 to $33 each. This effort is geared towards achieving a valuation close to $5 billion, as per their filing with the Securities and Exchange Commission this week.

Previously, the company had set a more modest target. It aimed to sell 20.3 million shares within a price bracket of $28 to $31 each, striving for a $4.2 billion valuation.

The underwriters for Bullish, including major financial institutions like JPMorgan, Jefferies, and Citigroup, have been granted a 30-day option to purchase an extra 4.5 million shares. Once listed, Bullish shares will be available on the New York Stock Exchange under the ticker "BLSH."

Significantly, BlackRock and Cathie Wood's ARK Investment Management have shown interest in acquiring up to $200 million worth of Bullish shares, as outlined in their updated SEC submission.

In addition to operating as a crypto exchange, Bullish owns the digital currency-focused media outlet CoinDesk. The firm's move to go public highlights a renewed vigor in the capital markets, buoyed by investor trust and evolving regulatory frameworks in the U.S. supportive of cryptocurrencies.

Key Cryptocurrency Developments

The listing follows several notable events in the crypto industry: a stablecoin issuer entered the market in June, and in May, companies linked to Mike Novogratz and a popular app for stock and crypto traded publicly.

Furthermore, BitGo, a startup specializing in crypto custody, is seeking to go public in the U.S., alongside the crypto exchange founded by notable twins Tyler and Cameron Winklevoss.