Bullish ups IPO goal by nearly 60%, aiming for $990M and a $4.8B valuation on NYSE under ticker BLSH.
BlackRock and ARK show interest in $200M shares, indicating strong institutional appetite for crypto equities.
Move follows failed 2022 SPAC deal, with proceeds to boost USD stablecoin liquidity and market share.
Bullish, a digital asset exchange backed by investor Peter Thiel, has increased its planned initial public offering to nearly $990 million. The company, which also owns crypto media outlet CoinDesk, revised its target upward as demand for crypto related stocks strengthens.
According to a recent SEC filing, Bullish now intends to sell 30 million shares priced between $32 and $33 each. The exchange could debut with a valuation of about $4.8 billion when it lists on the New York Stock Exchange under the ticker symbol BLSH.
This updated plan is a nearly 60% increase from its earlier $629 million goal, which involved 20.3 million shares priced between $28 and $31.
Larger Offering Shows Stronger Institutional Interest
The company’s revised share count and price range follow increased engagement from institutional investors. JPMorgan Chase, Jefferies Financial Group, and Citigroup are leading the offering, while BlackRock funds and ARK Investment Management have expressed interest in purchasing up to $200 million in shares.
These indications are non binding but reflect notable appetite from major market firms. Trading is expected to begin the day after the offering is priced, with the final pricing scheduled for Tuesday.
Rising Crypto Market Momentum Supports IPO Expansion
Bullish’s decision comes as the global digital asset market value recently reached $4 trillion, contributing to a favorable backdrop for public listings. Several crypto focused companies, including Grayscale and Gemini, have filed confidentially to go public.
This market momentum coincides with increased corporate adoption of digital assets, with several large firms adding such holdings to their balance sheets. The Trump administration regulatory stance has further encouraged equity market entry for blockchain and crypto related firms.
Second Attempt at Public Listing After SPAC Collapse
This offering is Bullish second effort to list publicly, following a failed $9 billion merger with a special purpose acquisition company in 2022. That plan was abandoned amid weaker market sentiment and increased regulatory scrutiny.
The company, incorporated in the Cayman Islands, plans to use part of the IPO proceeds to increase liquidity in U.S. dollar stablecoins. Bullish aims to expand its market share and enhance trading infrastructure while strengthening its position among global exchanges.
With the revised IPO terms, the exchange is preparing for one of the largest public debuts in the digital asset sector. Backed by big investors and guided by major Wall Street underwriters, the outcome will be a major test of investor appetite for crypto related equities.
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