Bullish Raises IPO Target 60% to $4.8 Billion Amid Rising Institutional Crypto Demand

Bullish, the parent company of media outlet CoinDesk, has significantly raised the valuation target for its upcoming initial public offering (IPO), aiming for up to $990 million based on recent regulatory filings with the U.S. Securities and Exchange Commission (SEC). This marks a nearly 60% increase from its earlier target range. The firm now plans to issue 30 million shares at a price range of $32 to $33 per share. If the IPO is fully subscribed, Bullish would debut with a market capitalization of approximately $4.8 billion, exceeding the $4.2 billion goal outlined in early August [1].

The IPO is being underwritten by prominent Wall Street firms, including JPMorgan, Jefferies, and Citigroup, with shares expected to trade under the ticker symbol “BLSH.” Institutional investors, including subsidiaries of BlackRock and ARK Investment Management, have already expressed interest in the offering, signaling confidence in Bullish’s growth potential [1]. The company has attributed its decision to go public to rising activity in digital asset markets and increasing adoption by traditional financial institutions, such as BlackRock, Fidelity, JPMorgan, and Goldman Sachs [1].

Bullish operates an institutional-grade digital asset trading platform and expanded into crypto media in November 2023 through the $72.6 million acquisition of CoinDesk from Digital Currency Group. The integration of media and trading operations reflects the company’s broader strategy to provide a comprehensive solution for both institutional and retail investors in the digital asset space [1].

The renewed interest in crypto-related stocks is part of a broader trend of institutional appetite for digital assets. In recent months, there have been significant inflows into spot Bitcoin and Ether exchange-traded funds, and more public companies have begun adding cryptocurrencies to their corporate treasuries. Institutional investors such as university endowments and pension funds have also shown growing interest in the asset class [1]. The success of Circle, a stablecoin issuer that raised over $1 billion in its IPO earlier this year, is seen as a key example of the potential for crypto-focused companies in the public market. Since its debut, Circle’s shares have appreciated by roughly 140%, reaching a market capitalization of around $41 billion [1].

Bullish’s increased IPO target highlights the evolving role of digital assets in mainstream finance. As more traditional financial institutions enter the crypto space, the success of Bullish’s offering could influence future listings and further validate the asset class’s growing importance [1].

Source: [1] Bullish Raises IPO Target to $4.8B as Institutional Crypto

URL: https://cointelegraph.com/news/bullish-ipo-valuation-crypto-institutional-demand