Key Takeaways
- Bullish has raised its IPO target to $990 million, up from $629 million, aiming to benefit from increased investor interest.
- Bullish plans to list on the NYSE under the ticker BLSH, with a projected market value of $4.8 billion at the upper price range.
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Bullish, the crypto exchange backed by billionaire Peter Thiel, has increased its initial public offering target to $990 million from $629 million.
The Cayman Islands-based company, which owns media outlet CoinDesk, plans to offer 30 million shares priced between $32 and $33 each, according to a new SEC filing. This represents an increase from its original plan to offer 20.3 million shares for $28 to $31 each.
At the upper end of the new price range, Bullish would achieve a market value of approximately $4.8 billion based on outstanding shares, up from the previously projected $4.2 billion.
BlackRock’s funds and ARK Investment Management have signaled interest in acquiring as much as $200 million worth of shares at the IPO price, although these indications do not represent binding commitments.
JPMorgan Chase, Jefferies Financial Group, and Citigroup are leading the offering. Bullish plans to list on the New York Stock Exchange (NYSE) under the symbol BLSH. NYSE has cleared the listing and registration of Bullish’s ordinary shares, according to a Monday filing.
This marks the company’s second bid to enter the public market. In 2022, Bullish sought to merge with a Special Purpose Acquisition Company (SPAC) in a deal valued at $9 billion, but abandoned the plan amid weak market sentiment and intensifying regulatory pressure.
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