The cryptocurrency exchange operator and media company Bullish plans to raise between $568 million and $629 million in its initial public offering (IPO) in the United States, having attracted significant interest from major institutional investors.
Just weeks after its initial IPO application submission, Bullish submitted an updated F-1 filing to the U.S. Securities and Exchange Commission (SEC), detailing plans to issue 20.3 million shares, which could value the company at $4.2 billion.
If the IPO is approved, Bullish shares could begin trading as early as August 12.
According to the filing, investment accounts managed by BlackRock and ARK Investment Management subsidiaries have expressed interest in purchasing up to $200 million worth of shares at the IPO price.
The company plans to convert a portion of the IPO proceeds into dollar-denominated stablecoins, as indicated in the filing.
Bullish operates a digital asset platform tailored for institutional clients, providing services in over 50 jurisdictions outside the United States. The company acquired CoinDesk from Digital Currency Group for $72.6 million in November 2023, successfully expanding into the crypto media space.
As the second-largest crypto media platform globally (by readership), Bullish's F-1 filing shows that CoinDesk attracts an average of 4.9 million unique visitors per month in 2024.
Bullish is one of many cryptocurrency companies seeking to go public. In July of this year, digital asset custodian BitGo applied for a public offering in the U.S. but did not disclose specific share numbers or target valuations.
Last week, Cointelegraph reported that cryptocurrency exchange Kraken plans to raise $500 million through an IPO, which could value the company at approximately $15 billion, significantly surpassing its previous valuation of around $11 billion.
Similar reports indicate that cryptocurrency exchange OKX is also actively preparing for a U.S. IPO after recently restarting its services in the United States.
One of the most successful stock offerings in the crypto space this year came from stablecoin issuer Circle, which added billions to its market capitalization after launching CRCL stock. Ahead of its official listing, Circle raised its IPO target to nearly $900 million due to strong institutional demand.
The notable increase in recent crypto IPO activity coincides with significant progress in the U.S. regulatory environment and a continued rise in institutional adoption of digital assets.
Last month, U.S. President Donald Trump signed the GENIUS Act, a key piece of stablecoin legislation. Meanwhile, the House passed two additional bills focused on market structure and anti-central bank digital currency (CBDC) measures before the August recess.
Related: BlackRock's Bitcoin (BTC) ETF is expected to expand its "overwhelming advantage" with SEC options approval.
Original: “Bullish, owner of CoinDesk, targets $4.2 billion valuation IPO, backed by BlackRock and ARK”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
