Crypto Exchange Bullish Sets IPO Terms for Market Cap of Over $4.2 Billion

Bullish, a digital asset platform, has set IPO terms that could give it a market capitalization of over $4.2 billion. The company plans to sell 20.3 million shares at $28-$31 apiece, with net proceeds of around $552.9 million to $637.4 million. Funds managed by BlackRock and Cathie Wood's ARK Investment Management have expressed interest in buying up to $200 million of stock. Bullish is set to list its shares on the New York Stock Exchange under the symbol BLSH.

Bullish, a digital asset platform, has set terms for an initial public offering (IPO) that could give it a market capitalization of over $4.2 billion. The company, based in the Cayman Islands, plans to sell 20.3 million shares at a price range of $28 to $31 per share. This could result in net proceeds of around $552.9 million to $637.4 million, depending on whether underwriters exercise their option to buy an additional 3.05 million shares [3].

The IPO filing, released on Monday, indicates that Bullish is planning to list its shares on the New York Stock Exchange under the ticker BLSH. The company, led by CEO Tom Farley, a former president of the New York Stock Exchange, is seeking to tap into the growing demand for crypto assets and under a crypto-friendly regulatory environment [2].

Notable investors have expressed interest in the IPO. Funds managed by BlackRock and Cathie Wood's ARK Investment Management have indicated a willingness to buy up to $200 million of stock in the offering [3]. This interest underscores the growing institutional appetite for digital assets, as seen in the increasing number of public companies diversifying their treasuries with cryptocurrencies like Bitcoin [1].

Bullish's planned IPO follows the recent success of other crypto-linked companies in going public, including stablecoin issuer Circle Internet's (CRCL) and crypto-tied retail trading platform eToro's (ETOR) [2]. The company's strategic positioning as a digital asset platform, combined with its plans for expansion and growth, could make it an attractive investment for both individual and institutional investors.

References:
[1] https://www.ainvest.com/news/bitcoin-news-today-microstrategy-surges-3-04-pre-market-4-2-billion-bitcoin-buy-2508/
[2] https://seekingalpha.com/news/4477207-crypto-exchange-bullish-targets-42b-valuation-in-us-ipo
[3] https://www.marketscreener.com/news/crypto-exchange-bullish-sets-ipo-terms-that-could-push-market-cap-above-4-2-billion-ce7c5edade8dfe27