- Bullish expands IPO plans, setting a higher market valuation target.
- Targeting $990 million raise with 30 million shares.
- Potential investment from BlackRock and ARK.
Peter Thiel-backed Bullish increases its NYSE IPO size and price range, targeting a valuation of nearly $5 billion with 30 million shares to be listed under ticker BLSH.
The upsized IPO signifies growing institutional interest and potential market influence, although no major immediate impacts on cryptocurrencies like BTC or ETH are disclosed in official filings.
Bullish, backed by Peter Thiel, increases its IPO size and price range. The exchange aims for a valuation between $4.8 billion to $5 billion. This decision follows an updated filing with the U.S. Securities and Exchange Commission.
The plan involves offering 30 million shares priced between $32 and $33. CEO Tom Farley, former NYSE President, leads the IPO. Bullish intends to list under the ticker BLSH on the New York Stock Exchange.
This expansion suggests strong market interest and investor confidence in Bullish. The offering size increased from a previous plan of 20.3 million shares, signaling positive momentum in the IPO’s reception in financial markets.
The IPO could impact the crypto exchange ecosystem, demonstrating traditional financial markets’ growing involvement. With leading underwriters like JPMorgan, there’s a clear indication of substantial institutional backing for Bullish’s public market entry.
Bullish’s previous SPAC merger attempt in 2021 was terminated due to regulatory timing issues. The current approach marks a direct move to raise capital, bypassing the SPAC route.
Tom Farley, CEO, Bullish, – “Bullish stock will trade on the NYSE under the ticker BLSH once the deal closes.”
Strong institutional interest, with firms like BlackRock potentially investing up to $200 million, underscores significant financial commitments. This move may set a precedent for other crypto entities seeking public listings. The NYSE listing also highlights a shift toward conventional listing methods.
