Crypto firm Bullish Upsizes its IPO, Targets $900 Million

Crypto exchange Bullish, an institutionally focused global digital asset platform that provides market infrastructure and information services, has upsized its initial public offering (IPO) from 20.3 million ordinary shares to 30 million ordinary shares and increased the expected price range from $28-$31 to $32-$33 per ordinary share.

The company plans to raise as much as $900 million, from its earlier expectations of $629 million, through the IPO and at the top of the new range, Bullish would be valued at $4.8 billion.

Bullish intends to grant the underwriters a 30-day option to purchase up to 4,500,000 additional ordinary shares, at the IPO price, less underwriting discounts and commissions, it said in a regulatory filing with the US Securities and Exchange Commission (SEC) on Monday.

The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or other terms of the offering. Bullish’s ordinary shares have been approved for listing on the New York Stock Exchange (NYSE).

Bullish intends to use the proceeds of this offering for general corporate and working capital purposes, including funding potential future acquisitions. J P Morgan and Jefferies are acting as lead book-running managers of the proposed offering, while Citigroup is acting as joint book-running manager.

Cantor, Deutsche Bank Securities, and Societe Generale are acting as additional book-running managers. Canaccord Genuity, Keefe, Bruyette & Woods, A Stifel Company, Oppenheimer & Co., and Rosenblatt are acting as co-managers.

Booming IPO Market

According to a report in CoinDesk, a subsidiary of Bullish, the company is one of many crypto companies hoping to take advantage of a booming IPO market in the space as the industry is starting to profit from a clearer regulatory framework and investor interest, not to mention sharply higher prices of late for leading cryptocurrencies like bitcoin and ether.

Stablecoin issuer Circle was among first to go public in June and has seen its share price skyrocket 93% since.

In an earlier filing with the SEC, Bullish disclosed that funds managed by BlackRock and Ark Investment Management have expressed interest to buy $200 million worth of shares of the company at the IPO price.

Bullish also disclosed that it had posted a net income estimate of $106 million to $109 million for the second quarter after reporting losses for the first quarter and the fourth quarter of 2024.