Bullish Raises IPO to $990 Million as Crypto Listings Surge

Bullish Expands IPO to $990 Million Amid Rising Crypto Market Interest

Bullish, a digital asset platform catering to institutional clients, has significantly increased the size of its initial public offering (IPO) to $990 million. This move highlights the growing trend of cryptocurrency companies seeking public market access in 2024. The company, which owns Coindesk, now plans to sell 30 million shares at a price range of $32 to $33 per share. This represents a notable increase from its original plan of 20.3 million shares priced between $28 and $31.

The expansion of the IPO places Bullish among the largest cryptocurrency-related offerings this year, as both institutional and retail investors show renewed interest in the sector. At the top of the new price range, the company's market capitalization would reach approximately $4.82 billion, up from the $4.2 billion valuation outlined in its earlier filing. Following the IPO, Bullish will have 146.2 million shares outstanding.

Several major financial institutions have expressed interest in the offering. BlackRock and Cathie Wood’s ARK Invest have indicated they may purchase up to $200 million worth of shares. Additionally, underwriters have been granted a 30-day option to buy an extra 4.5 million shares at the IPO price, after fees. Trading is expected to commence on the New York Stock Exchange under the ticker symbol BLSH.

The proceeds from the IPO are intended for general corporate purposes, including potential future acquisitions. This funding could help accelerate Bullish’s growth and strategic initiatives within the digital asset space.

Strong Institutional Backing for the Offering

The IPO is being led by prominent Wall Street banks, including JPMorgan and Jefferies, with Citigroup acting as a joint manager. Additional lead managers include Cantor Fitzgerald, Deutsche Bank, and Société Générale. Canaccord, KBW, Stifel, Oppenheimer, and Rosenblatt are serving as co-managers, bringing a mix of domestic and international banking expertise to the offering. This strong banking syndicate enhances the credibility and appeal of the IPO.

Bullish currently holds an asset base exceeding $3 billion, consisting of 24,000 bitcoins, 12,600 ethers, and $418 million in cash and stablecoins. The company maintains limited exposure to decentralized finance (DeFi) markets. According to its filing, part of the IPO proceeds may be converted into US dollar-pegged stablecoins in collaboration with one or more issuers.

Expansion Beyond Trading into Media

Founded to serve institutional clients across over 50 countries, excluding the United States, Bullish expanded its operations into the crypto media sector in November 2023. It acquired Coindesk from Digital Currency Group for $72.6 million, diversifying its revenue streams and positioning itself as both a market infrastructure provider and a media player in the digital asset industry.

This expansion aligns with broader trends in the cryptocurrency sector, where several firms are exploring public listings. For instance, Circle Internet Group’s $1.2 billion IPO in June saw its stock price surge, sparking greater interest in the sector. Other major players, including BitGo and Grayscale, have filed for IPOs, while exchanges such as Kraken and OKX are reportedly considering listings.

Previously, Bullish had aimed to go public via a special purpose acquisition company (SPAC) merger in 2021 at a valuation close to $9 billion. However, that plan was abandoned in 2022. The current listing strategy reflects a broader shift in the market, as crypto companies seek traditional IPOs to access capital and improve transparency amid evolving regulatory environments.