Crypto exchange Bullish is targeting a valuation of up to $4.82 billion after upsizing its initial public offering on Monday, underscoring sustained investor interest in digital assets.
Venture capitalist Peter Thiel-backed Bullish’s raise, still well below its $9-billion valuation target in a failed 2021 blank-check merger, showcases the expanding role that crypto companies are playing in the momentum built by the IPO markets.
“In many cases the initial price range is set well below a company’s last private valuation or below what the company had originally hoped for,” said Kat Liu, vice president at IPO research firm IPOX.
The crypto sector’s recent climb to a $4-trillion market value has boosted public market sentiment.
“(Crypto exchange) Kraken is slated for a 2026 IPO. Gemini has already filed, and these names carry more brand weight,” Liu added. Digital assets exchange Gemini, founded by billionaire twins Tyler and Cameron Winklevoss, confidentially filed to go public in June.
“While Bullish may not be the definitive bellwether for the entire crypto IPO space, its debut will still be a closely watched test case for future listings.”
Bullish now aims to raise up to $990 million by selling 30 million shares priced between $32 and $33 each.
This compares with its prior offering of 20.3 million shares at a proposed range of $28 to $31 per share.
STABLECOIN RUSH
As U.S. President Donald Trump’s administration continues piling regulatory wins for cryptocurrencies, U.S. corporations’ attitude towards the asset class has evolved from cautious reluctance to jubilant embrace.
As part of their treasury operations, several companies now have sizeable allocations to crypto.
Bullish, too, plans to convert a significant portion of the IPO proceeds to U.S.-dollar-denominated stablecoins with the assistance of one or more issuers of such tokens, it said in its regulatory filing.
“Deploying proceeds into stablecoins allows Bullish to move quickly in building infrastructure and expanding crypto-native activities that align with its core market,” IPOX’s Liu added.
Bullish is scheduled to price the deal on Tuesday and is expected to begin trading on the NYSE under the ticker symbol “BLSH” the following day.
J.P.Morgan, Jefferies and Citigroup are the lead underwriters for the IPO.
