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CoinDesk owner Bullish raises IPO target to $1 billion with Wall Street backing to boost cryptocurrencies
SEC filings show that the major IPO firms on Wall Street are JP Morgan, Jefferies, and Citigroup.
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Bullish, the digital asset exchange operator, has raised the target valuation for its initial public offering by about 60% to $990 million, a move that may reflect growing investor appetite amid renewed momentum in cryptocurrency-related stocks.
Bloomberg reported on Monday that Bullish now plans to sell 30 million shares at a price range between $32 and $33 per share, citing recent regulatory filings with the U.S. Securities and Exchange Commission (SEC). This is about 60% higher than the upper end of its previous target range.
If the IPO meets expectations, Bullish will launch with a market capitalization of about $4.8 billion—up from the $4.2 billion target set in early August.
Updated F-1 registration statement for Bullish. Source: U.S. Securities and Exchange Commission (SEC).
Major Wall Street firms, such as JP Morgan, Jefferies, and Citigroup, are leading the initial public offering process. Bullish plans to list its shares under the ticker symbol 'BLSH,' according to the statement.
Many institutional investors, including affiliates of BlackRock and ARK Investment Management, have already expressed interest in the offering.
In its filing, the company pointed to increased activity in digital asset markets and growing adoption by traditional financial institutions like BlackRock, Fidelity, JP Morgan, and Goldman Sachs as key drivers behind its decision to go public.
In addition to operating an institutional-level digital asset platform, Bullish expanded into crypto media in November 2023, acquiring CoinDesk from Digital Currency Group in a $72.6 million deal.
Related: Citigroup, JP Morgan, and Goldman Sachs lead the TradFi campaign on blockchain: Ripple
Institutional demand for digital assets reaches new record highs
Optimistic companies and others focused on cryptocurrencies are looking to capitalize on market sentiment, raising funds to support growth as institutional interest in digital assets accelerates. These companies follow in the footsteps of Circle, the stablecoin issuer, which earlier this year completed a massive IPO that raised over $1 billion.
Since its debut, Circle's market capitalization has risen to about $41 billion, with its share price increasing by around 140%.
Circle shares are currently trading at around $165, a 140% increase from their opening price. Source: Yahoo Finance
Alongside cryptocurrency-related equity offerings, institutional interest in digital assets is increasing in other areas. In recent months, flows into the spot Bitcoin market have surged.
Bitcoin
$118,812
and Ether
Ethereum
$4,249
Exchange-traded funds have seen a significant rise, and more public companies have added digital assets to their institutional vaults, as university endowments and pension funds have also sought exposure to this asset class.
According to Bitbo data, ETFs, along with public and private companies, collectively hold more than 13.5% of the total Bitcoin supply.
