Bullish increased the size and price of its initial public offering, boosting the potential deal size to $990 million from about $629 million as crypto-related companies look to ride high investor interest.
The digital-asset exchange operator and owner of media outlet CoinDesk now plans to market 30 million shares for $32 to $33 each, according to a filing with the US Securities and Exchange Commission on Monday. The Cayman Islands-based firm previously looked to sell 20.3 million shares for $28 to $31 each.
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At the top of the new range, Bullish would have a market value of about $4.8 billion based on the outstanding shares listed in its filing, compared with about $4.2 billion previously.
More crypto companies have been choosing to go public through IPOs, blank-check mergers or reverse takeovers as the Trump administration has embraced the industry. Crypto filings have also increased since stablecoin issuer Circle Internet Group Inc. saw its stock surge following its $1.2 billion first-time share sale in June.
Bullish announced in 2021 that it planned to go public through a merger with a special purpose acquisition company, in a deal that would have valued the combined firm at about $9 billion. The merger was scrapped in 2022.
The offering is being led by JPMorgan Chase & Co., Jefferies Financial Group Inc. and Citigroup Inc. The company plans to make its debut on New York Stock Exchange under the symbol BLSH.
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