- Bullish plans a $990 million IPO on the NYSE.
- Significant institutional interest from BlackRock and ARK.
- Anticipated impact on BTC and ETH market sentiment.
Bullish, a crypto exchange spin-off from Block.one, plans to raise $990 million through a NYSE listing, led by former NYSE president Tom Farley, seeking institutional interest from BlackRock and ARK.
The move potentially impacts Bitcoin and Ethereum’s market sentiment and liquidity, offering broader implications for the crypto asset landscape, particularly amidst institutional scrutiny.
Lede
Bullish, backed by Peter Thiel, seeks $990M through an NYSE listing.
Nut Graph
Bullish, a crypto platform founded by Block.one, plans a $990 million NYSE listing. The exchange, led by CEO Tom Farley, aims to issue 30 million shares at $32-$33 each.
“Bullish is offering 30,000,000 ordinary shares at $32.00 to $33.00 per share, aiming to raise up to $990 million, with a New York Stock Exchange listing pending approval.” — Tom Farley, CEO, Bullish
Significant support comes from institutional investors including BlackRock and ARK Investment Management, who have shown interest in investing up to $200 million. The IPO seeks a valuation of $4.8 billion.
Sections
Market Impact
Market experts suggest the listing could influence Bitcoin and Ethereum’s market behavior, potentially increasing liquidity and trading volumes. Institutional involvement is expected to boost confidence in major crypto-assets.
Wall Street Interest
Increased interest from traditional financial sectors, such as JPMorgan, Jefferies, and Citigroup as underwriters, highlights the growing appeal of crypto exchanges in mainstream markets. Regulatory approvals have been secured across several jurisdictions.
Previous Attempts
The NYSE listing follows an earlier attempt in 2022 for a $9 billion SPAC merger, which was abandoned due to regulatory issues. Bullish’s parent company, Block.one, previously faced similar regulatory scrutiny.
Legitimizing Crypto
The listing aims to provide further legitimacy to the cryptocurrency sector, possibly propelling BTC and ETH prices. Bullish will trade under the NYSE ticker BLSH with broad regulatory compliance potentially easing future listings.
