Bullish, a prominent cryptocurrency exchange, has significantly amplified its initial public offering (IPO) to a substantial amount of $990 million, a significant jump from the previously announced $629 million. This decision reflects the company’s intent to fully utilize the thriving market for crypto-oriented organizations. Bullish is a subsidiary of renowned crypto-information portal, CoinDesk.
Price Per Share and Projected Valuation
As per information released in a filing with the esteemed Securities and Exchange Commission (SEC), Bullish is planning to release 30 million shares priced between $32 and $33 each. This translates to the $990 million IPO and an estimated valuation of roughly $4.8 billion at the maximum of the proposed range.
In contrast, a prior filing dated August 4, saw Bullish planning to market a reduced amount of 20.3 million shares. Each share was priced at $28 to $31 amounting to about $629 million. This proposed plan projected a total valuation of around $4.2 billion at the top of the proposed range.
Thriving Crypto IPO Market
Bullish is among numerous crypto-oriented companies looking to exploit the surge in IPO market within the crypto-space. The industry, underpinned by a clearer regulatory framework, increased investor interest, and recent substantial rise in leading cryptocurrency prices like Bitcoin and Ether, is primed for remarkable growth.
Stablecoin issuer, Circle (CRCL), is a prime example. It went public back in June and has since seen its share price skyrocket by an impressive 93%.
Investor Interest in Bullish
In an earlier submission to the SEC, Bullish made it public that funds managed by BlackRock and Ark Investment Management are keen on purchasing $200 million worth of shares at the IPO price. This affirms the strong investor interest in Bullish.
Financial Performance
Bullish is expected to operate under the ticker BLSH. The company disclosed that it had recorded a net income estimate of somewhere between $106 million and $109 million for the second quarter following reports of losses during the first quarter and the last quarter of 2024.
This move by Bullish, to raise its IPO, embodies the broader market sentiment and the growing appeal of crypto exchanges among the investor community. It also underscores the confluence of factors that are currently favoring the accelerating growth of the crypto industry – clear regulatory guidelines, escalating investor interest, and soaring crypto prices. With big players like BlackRock and Ark Investment Management revealing their interest in buying shares in Bullish, it remains to be seen how this heightened optimism time will shape the future of crypto exchanges and the broader cryptocurrency market.
