Bullish Plans US IPO on NYSE with Target Valuation of $4.23 Billion
Bullish, a prominent cryptocurrency exchange and owner of CoinDesk, has set its sights on going public with an initial public offering (IPO) on the New York Stock Exchange (NYSE) under the ticker symbol “BLSH.” The firm aims to raise as much as US$629 million (approximately AU$972 million) and achieve a valuation of around US$4.23 billion (about AU$6.54 billion).
As part of its IPO, Bullish is offering 20.3 million shares priced between US$28 (AU$43.2) and US$31 (AU$47) each. Notably, major investment firms, including BlackRock and ARK Investment, have expressed interest in purchasing shares worth over US$200 million (around AU$309 million) at the IPO price, signalling a resurgence of optimism in the cryptocurrency sector following the successful IPO of Circle.
JP Morgan, Jefferies, and Citigroup will lead the underwriting of the IPO, with trading expected to commence on August 12, pending approval.
Bullish’s Journey to Public Listing
This upcoming IPO marks Bullish’s second attempt at entering the public markets within four years. The company previously sought a US$9 billion (AU$13.9 billion) valuation through a SPAC merger in 2021; however, it abandoned the deal in 2022 amidst regulatory concerns. The current IPO pricing range represents a 52% decrease from its earlier target valuation.
A significant portion of the proceeds from the IPO is intended to be converted into US dollar-denominated stablecoins, although Bullish has not disclosed the specific major issuers it plans to collaborate with.
This strategic move comes on the heels of Circle’s well-received debut on the NYSE in June, which witnessed its share price soar more than 130% according to TradingView data, signalling renewed investor interest in cryptocurrency firms.
Bullish was initially founded with the backing of billionaire entrepreneur Peter Thiel, and in 2023, it acquired CoinDesk from the Digital Currency Group. The firm is led by CEO Thomas Farley, a former NYSE president, who is navigating the company through its IPO amidst a wave of optimism driven by pro-cryptocurrency policies from the Trump administration, including the GENIUS Act’s regulatory framework for stablecoins.
Overview of Bullish’s IPO Plans
- Ticker Symbol: BLSH
- Target valuation: US$4.23 billion (AU$6.54 billion)
- IPO proceeds: Up to US$629 million (AU$972 million)
- Share offering: 20.3 million shares priced at US$28 to US$31 each
- Major investors: Interest from BlackRock and ARK Investment
- Underwriters: JP Morgan, Jefferies, and Citigroup
- Potential trading start date: August 12, pending approval
This IPO can be seen as a crucial move for Bullish as it aims to solidify its position in the competitive cryptocurrency landscape while also responding to evolving market dynamics and investor sentiment towards public offerings in the crypto sector.
