Expanded Cryptocurrency Trading Platform Enhances Initial Public Offering, Prior to Beginning Stock Trade on Wednesday
Bullish, a cryptocurrency exchange backed by billionaire Peter Thiel and led by Tom Farley, has expanded its Initial Public Offering (IPO). The renewed offering could potentially raise up to $990 million, with a valuation approaching $5 billion.
According to an updated SEC filing on Monday, the expanded IPO plans to sell 30 million shares, priced between $32 and $33 each. This is a significant increase from the initial proposal of 20.3 million shares at $28 to $31 per share.
The renewed Wall Street enthusiasm for cryptocurrency businesses is likely due to regulatory clarity from Washington and bitcoin's recent surge past $100,000. The successful public debut of Circle in June helped pave the way for other crypto companies to access public markets.
JP Morgan, Jefferies, and Citigroup are leading the underwriting syndicate for the offering. Notable supporters backing Bullish's expanded offering at the stock exchange include billionaire Peter Thiel, Founders Fund, Thiel Capital, Nomura, Mike Novogratz, and other institutional investors like BlackRock and Cathie Woods’ Ark Investment Management.
BlackRock and Cathie Wood's ARK Investment Management have expressed interest in purchasing up to $200 million worth of shares at the IPO price. The shares in the IPO are expected to price Tuesday evening and shares will begin trading Wednesday on the New York Stock Exchange under the ticker "BLSH."
Bullish, which owns crypto news site CoinDesk following its 2023 acquisition, positions itself as a bridge between traditional finance and digital assets. The company projects net income of $106 million to $109 million for the second quarter of 2025, a sharp turnaround from a $116.4 million loss in the same period last year.
Tom Farley, who led a $10 million NYSE investment in Coinbase in 2014, stated that the company was "conceived to enable institutional adoption of digital assets technology." Bullish reported handling $250 billion in digital asset trades in 2024, a significant increase from its 2022 volume of $72.7 billion.
The proposed valuation represents a discount to Bullish's previous $9 billion enterprise value from a failed SPAC merger attempt in 2022. The IPO is over 20 times oversubscribed, reflecting the growing interest in cryptocurrency businesses among investors.
As Bullish prepares for its public debut, it continues to make strides in the digital asset space, aiming to facilitate the integration of cryptocurrencies into traditional finance.
