Bullish increased its IPO target to $990 million and aims for a $4.8 billion valuation on the NYSE.
Major investors like BlackRock and ARK have shown interest in Bullish ahead of its public market debut.
Rising institutional demand for digital assets is driving larger IPO plans for crypto focused companies.
Digital asset exchange operator Bullish has raised its initial public offering target by almost 60% to $990 million. The revised plan outlines the sale of 30 million shares priced between $32 and $33 each.
https://twitter.com/Cointelegraph/status/1955079358235758650
This is a sharp increase from its earlier plan to sell 20.3 million shares at $28 to $31. If the IPO meets expectations, Bullish would debut with a market capitalization of about $4.8 billion. The target was previously set at $4.2 billion earlier this month.
Strong Institutional Interest
JPMorgan, Jefferies, and Citigroup will lead the IPO. Major institutional investors, such as subsidiaries of BlackRock and ARK Investment Management, have expressed interest.
The company referenced an increased level of activity in digital asset markets and the accelerating usage among large financial institutions as core reasons why it is offering. Major companies like BlackRock, Fidelity, JPMorgan, and Goldman Sachs are becoming more engaged with digital assets.
Business Expansion and Strategy
Bullish operates an institutional-grade digital asset platform and has expanded its presence in the industry. In November 2023, it acquired crypto media outlet CoinDesk from Digital Currency Group for $72.6 million.
The company aims to leverage strong market sentiment to raise funds for future growth. This move follows the example of other crypto firms capitalizing on increased institutional engagement.
Market Context
The IPO comes amid heightened investor appetite for crypto-related stocks. Earlier this year, stablecoin issuer Circle raised over $1 billion in a public offering. Circle’s market capitalization now stands at about $41 billion, with shares gaining roughly 140% since listing.
Demand for digital assets extends beyond IPOs. Spot Bitcoin and Ether ETFs have seen rising inflows, while public companies are adding digital assets to their treasuries. University endowments and pension funds are also seeking exposure.
Industry Impact
According to Bitbo data, ETFs and companies collectively hold over 13.5% of the total Bitcoin supply. Bullish’s offering marks one of the largest IPOs for a digital asset exchange. The revised size and pricing signal confidence in strong demand from both institutional and retail investors. Market analysts view this as a sign of sustained interest in digital infrastructure businesses.
Bullish initially pursued a public listing in 2021 through a merger with a special purpose acquisition company valued at $9 billion. That plan was halted in 2022 due to market shifts. The current offering represents a renewed push to enter public markets. If the IPO reaches its target, Bullish will rank among the largest publicly traded digital asset exchanges globally.
