The digital asset trading platform Bullish has raised its IPO issuance price, with the price range adjusted from $28 to $31 to $32 to $33. This IPO is led by JPMorgan, Jefferies, and Citigroup as underwriters.
Written by: Zhao Ying
Source: Wall Street Watch
The parent company of the crypto platform CoinDesk, Bullish, has significantly raised its IPO issuance price and fundraising scale, with the potential fundraising amount surging from approximately $629 million to $990 million, an increase of nearly 60%, reflecting strong investor interest in crypto companies.
According to documents submitted to the U.S. Securities and Exchange Commission on Monday, Bullish now plans to issue 30 million shares at a price range of $32 to $33. Previously, the company planned to issue 20.3 million shares at a price range of $28 to $31. Based on the upper limit of the new price range, the company's market value will reach approximately $4.8 billion, a significant increase from the previous $4.2 billion.
Investment accounts managed by subsidiaries of BlackRock and ARK Investment Management have expressed interest in purchasing up to $200 million worth of shares at the IPO price. This IPO is led by JPMorgan, Jefferies, and Citigroup as underwriters, and the company plans to list on the New York Stock Exchange under the ticker "BLSH."
With the Trump administration's supportive stance towards the crypto industry and the demonstration effect of stablecoin issuer Circle's stock price surge following its IPO in June this year, more and more crypto companies are choosing to go public through IPOs, SPACs, or reverse mergers.
Institutional Investors Eager to Subscribe
Bullish's IPO has attracted the attention of heavyweight institutional investors. Documents show that investment accounts managed by BlackRock and ARK Investment Management have expressed interest in purchasing up to $200 million worth of shares at the IPO price, providing strong support for this issuance.
The company operates a digital asset platform aimed at institutional clients, covering more than 50 jurisdictions, but excluding the United States. In November 2023, Bullish acquired CoinDesk from Digital Currency Group for $72.6 million, entering the crypto media space. CoinDesk is the second-largest crypto media outlet globally, with an average monthly unique visitor count of 4.9 million in 2024.
The company plans to convert part of the IPO fundraising into dollar-denominated stablecoins. Bullish previously announced plans in 2021 to go public through a merger with a special purpose acquisition company, with a post-merger valuation of approximately $9 billion, but that transaction was canceled in 2022.
The Surge of Crypto IPOs
Bullish is not the only crypto company seeking to go public. In July, digital asset custodian BitGo also submitted a U.S. public offering application, although it did not disclose the number of shares or target valuation.
Reports indicate that the crypto exchange Kraken is planning to raise $500 million through an IPO, with a potential valuation of around $15 billion, significantly higher than the previous valuation of about $11 billion. Similar reports show that the crypto exchange OKX is also preparing for a U.S. IPO after recently re-entering the U.S. market.
The most successful crypto stock issuance this year comes from stablecoin issuer Circle. Driven by strong institutional demand, the company raised its IPO target to nearly $900 million, and the CRCL stock listing added billions to its market value.
The recent surge in crypto IPO activity coincides with significant progress in the U.S. regulatory environment and an increasing adoption rate of digital assets by institutions. Last month, Trump signed the key stablecoin legislation GENIUS Act, and the House passed two additional bills focused on market structure and anti-central bank digital currency measures before the August recess.
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