Bullish Raises IPO Valuation 60% Amid Surge in Institutional Crypto Demand

Bullish, a cryptocurrency exchange founded with backing from billionaire investor Peter Thiel, has raised its initial public offering (IPO) target, signaling growing confidence in the digital asset market. The company now aims for a $1 billion valuation, a 60% increase from its previous goal, by offering 30 million shares at a price range of $32 to $33 per share. This marks a significant shift in strategy, as the IPO is expected to trade under the ticker symbol “BLSH” on the New York Stock Exchange [1]. The underwriting team includes JPMorgan, Jefferies, and Citigroup, reflecting strong institutional support for the offering [1].

The increased valuation comes amid a broader resurgence of interest in crypto assets, particularly from traditional financial institutions. Bullish’s IPO is being closely watched as one of the year’s most anticipated listings in the digital asset space. The involvement of major banks and asset management firms indicates a growing acceptance of crypto platforms within the institutional finance sector. Notably, BlackRock and ARK Investment Management subsidiaries have reportedly shown strong interest in purchasing shares of the offering [1].

Bullish’s strategic moves, including the recent acquisition of CoinDesk for $72.6 million, highlight its effort to integrate media and trading platforms to serve a broader range of investors. This acquisition enhances Bullish’s ability to provide comprehensive services to both institutional and retail clients, further strengthening its market position. The firm’s expanded operations and increased valuation reflect a broader trend where traditional financial institutions are beginning to view digital assets as a legitimate and growing asset class [1].

The success of recent crypto-related listings has also contributed to the optimism surrounding Bullish’s IPO. Earlier this year, stablecoin issuer Circle raised over $1 billion in its IPO, and its shares have since appreciated by roughly 140%. This performance suggests that public markets are becoming more receptive to crypto-focused companies, potentially setting a precedent for Bullish’s listing [1].

Bullish’s decision to significantly raise its IPO valuation underscores the evolving relationship between traditional finance and digital assets. As more banks and asset managers increase their crypto exposure, the firm’s public offering could serve as a bellwether for future listings and further reinforce the legitimacy of the crypto asset class in mainstream finance [1].

Source:

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

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