Bullish, the digital asset platform for institutional clients, has raised the size of its initial public offering (IPO) to $990 million, reflecting a surge in crypto companies tapping public markets in 2024.
The owner of Coindesk now plans to sell 30 million shares at $32 to $33 each, according to a filing with the US Securities and Exchange Commission (SEC). This marks a notable increase from its earlier plan of 20.3 million shares at $28 to $31 each.
The move positions Bullish among the largest cryptocurrency-related IPOs this year, as the sector sees renewed interest from institutional and retail investors.
Valuation reaches $4.82 billion at top range
At the top of the new price range, Bullish’s market capitalisation would be about $4.82 billion, up from the $4.2 billion valuation implied in its earlier filing.
The company will have 146.2 million shares outstanding after the IPO. BlackRock and Cathie Wood’s ARK Invest have indicated interest in buying up to $200 million of the offering.
Bullish has also granted underwriters a 30-day option to purchase an additional 4.5 million shares at the IPO price, after fees. Trading is expected to begin on the New York Stock Exchange under the ticker BLSH.
Proceeds from the IPO are earmarked for general corporate purposes, as well as potential future acquisitions.
Strong banking syndicate backs offering
The IPO is being led by JPMorgan and Jefferies, with Citigroup acting as joint manager. Other lead managers include Cantor Fitzgerald, Deutsche Bank, and Société Générale.
Canaccord, KBW, Stifel, Oppenheimer, and Rosenblatt are serving as co-managers. This mix of Wall Street and international banks adds to the offering’s institutional credibility.
Bullish’s asset base stands at over $3 billion, comprising 24,000 bitcoin, 12,600 ether, and $418 million in cash and stablecoins. The company maintains limited exposure to decentralised finance (DeFi) markets.
According to its filing, part of the IPO proceeds may be converted into US dollar-pegged stablecoins, working with one or more issuers.
Expansion beyond trading into media
Founded to serve institutional clients in over 50 countries, excluding the US, Bullish expanded its operations into the crypto media sector in November 2023 by acquiring CoinDesk from Digital Currency Group for $72.6 million.
The move diversified its revenue streams and positioned the platform as both a market infrastructure provider and a media player in the digital asset industry.
The decision to increase the IPO size comes amid a wave of crypto-related public offerings.
Circle Internet Group’s $1.2 billion IPO in June saw its stock price jump, sparking greater interest in the sector.
Other major firms, including BitGo and Grayscale, have filed for IPOs, while exchanges such as Kraken and OKX are reportedly considering listings.
Bullish had originally sought to go public via a special purpose acquisition company (SPAC) merger in 2021 at a valuation close to $9 billion, but the plan was dropped in 2022.
The new listing route aligns with a broader market shift as crypto companies look to traditional IPOs to access capital and improve transparency in an evolving regulatory environment.
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