Bullish has just announced an increase in its IPO capital to $990 million, raising its potential valuation to nearly $4.82 billion, attracting significant interest from institutional investors.
This global digital asset company focuses on institutional clients, holds over $3 billion in assets, and has a strategy to develop stablecoins, promising to make a significant impact on the cryptocurrency market.
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Bullish raises its IPO offering from $629 million to $990 million at a price of $32-33 per share.
Post-IPO valuation reaches $4.82 billion, with over 146 million shares outstanding.
The company has over $3 billion in liquid assets, plans to develop stablecoins, and owns a large media platform.
How is Bullish's IPO valued?
At the highest price, Bullish is valued at approximately $4.82 billion post-IPO with 146.2 million shares outstanding.
This is a new step compared to the initial value of $4.2 billion when the company decided to issue 30 million shares at a price of $32-33 each, up from the original plan. This shows the level of trust and positive expectations from the market for Bullish.
In addition, Bullish offers an option to purchase an additional 4.5 million shares within 30 days after the IPO for underwriters at the IPO price. The company lists on the NYSE with the ticker symbol BLSH, planning to use the raised capital to develop its business and expand through M&A transactions.
Which banks are leading the IPO deal?
JPMorgan and Jefferies are the two leading banks in underwriting Bullish's stock issuance, with Citigroup as a co-manager. Other leading banks like Cantor Fitzgerald, Deutsche Bank, and Société Générale also join in, creating a strong financial network supporting the transactions.
The collaboration of reputable financial companies contributes to enhancing the credibility of the IPO and helps Bullish reach institutional investors extensively, ensuring the success of the stock issuance.
How does Bullish hold assets and what is its stablecoin strategy?
Currently, Bullish holds over $3 billion in liquid assets, including 24,000 Bitcoin, 12,600 Ethereum, and $418 million in cash and stablecoins, while having very limited exposure to DeFi.
The combination of digital assets and cash helps Bullish maintain high liquidity, supporting the plan to convert part of the IPO capital into USD-pegged stablecoins through partnerships with reputable issuers.
Excerpt from the filing submitted to the U.S. Securities and Exchange Commission (SEC), 2023
Bullish operates a digital asset platform for institutional clients in over 50 countries, excluding the United States. In November 2023, the company expanded into cryptocurrency media by acquiring a niche media platform for $72.6 million, demonstrating its ambition to diversify its business model.
What is the current status of IPOs for cryptocurrency companies?
Bullish's increased issuance is a testament to the growing trend of cryptocurrency companies heading towards the public stock market, especially as supportive moves from the government help boost investment confidence.
Since the successful IPO of Circle Internet Group with $1.2 billion in June, many big names like BitGo and Grayscale have filed for IPOs, while exchanges like Kraken and OKX are also considering entering the public market.
Bullish is positioning itself as one of the largest platforms for institutional cryptocurrency clients, with a strong development strategy focused on liquidity, communication, and stablecoins.
Market expert opinion, 2023
Frequently Asked Questions
What is Bullish's expected post-IPO valuation?
The maximum expected valuation of Bullish is around $4.82 billion based on a share price of $32-33 and the total number of shares issued.
Which banks are participating in supporting Bullish's IPO?
JPMorgan, Jefferies, Citigroup along with other large financial institutions such as Deutsche Bank and Société Générale are leading the deal.
How much liquid assets does Bullish have?
The company has over $3 billion in liquid assets, including Bitcoin, Ethereum, and cash/stablecoin.
What plans does Bullish have for the funds raised from the IPO?
The company uses the funds for general business needs and may undertake future business acquisition transactions.
What is the current IPO trend for cryptocurrency companies?
Many major cryptocurrency companies are conducting IPOs or preparing to list, reflecting the expansion and significant interest of the market in this industry.
Source: https://tintucbitcoin.com/bullish-ipo-tang-len-990-trieu-usd/
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