Cryptocurrency exchange and media company Bullish aims to raise approximately $568 million to $629 million in its U.S. IPO, with major institutional investors expressing interest.
Weeks after its initial IPO filing, Bullish submitted an updated F-1 document to the U.S. Securities and Exchange Commission (SEC), planning to issue 20.3 million shares, potentially valuing up to $4.2 billion.
If the IPO is approved, Bullish stock could start trading as early as August 12.
According to the filings, investment accounts under BlackRock and ARK plan to purchase up to $200 million worth of shares at the IPO price.
The company plans to convert a portion of its IPO proceeds into USD-denominated stablecoins.
Bullish operates a digital asset platform aimed at institutional clients, providing services in over 50 jurisdictions, and entered the crypto media space in November 2023 by acquiring CoinDesk for $72.6 million.
CoinDesk is the second largest crypto media outlet in the world, and Bullish's F-1 filing shows its average monthly unique visitors for 2024 to be 4.9 million.
Increase in cryptocurrency IPOs
Bullish is one of several crypto companies seeking to go public. In July, digital asset custodian BitGo submitted its listing application in the U.S.
Last week, reports stated that cryptocurrency exchange Kraken plans to raise $500 million through an IPO, with a valuation that could reach $15 billion, significantly higher than its previous valuation of $11 billion.
Reports indicate that crypto exchange OKX is also preparing for a U.S. stock listing after restarting its services in the U.S.
One of this year's most successful crypto stock offerings came from stablecoin issuer Circle, whose CRCL stock saw its market cap increase by billions after listing. Before going public, Circle raised its IPO target to around $900 million, reflecting strong demand from institutional investors.
The recent activity in crypto IPOs reflects significant regulatory progress in the U.S. and growing institutional demand for digital assets.