Crypto exchange Bullish raises IPO size, seeks nearly $5 billion valuation

Backed by investor Peter Thiel, cryptocurrency exchange Bullish has ramped up the size of its initial public offering (IPO). The company is now looking to secure $990 million by offering 30 million shares, priced between $32 and $33 each, with a target valuation of approximately $4.8 billion, as revealed in a recent filing with the Securities and Exchange Commission. Previously, Bullish had aimed to market 20.3 million shares at a lower price range of $28 to $31 per share, with a valuation goal of $4.2 billion. The exchange's leadership, under former New York Stock Exchange president Tom Farley, has made strategic moves to attract investors. The underwriters, led by JPMorgan, Jefferies, and Citigroup, have been granted a 30-day option to sell an additional 4.5 million shares. Once launched, Bullish's stock will be available on the New York Stock Exchange under the ticker symbol "BLSH." Notably, investment giants like BlackRock and Cathie Wood's ARK Investment Management have shown interest in acquiring up to $200 million worth of shares, highlighting the growing appeal of the exchange. As Bullish prepares to enter the public market, it joins a wave of other crypto firms benefiting from renewed investor confidence and clearer regulatory support from the U.S. government. Recent successful listings in the crypto sector include Circle's debut in June, the uplisting of Mike Novogratz's Galaxy Digital to Nasdaq in May, and the public trading launch of the stock and crypto app eToro. In addition, crypto custody startup BitGo and the Winklevoss-led Gemini exchange have both filed confidentially for U.S. listings, further emphasizing the momentum in the cryptocurrency space.