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Crypto exchange Bullish raises IPO size, seeks nearly $5 billion valuation

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Pavlo Gonchar | SOPA Images | AP

Peter Thiel-backed cryptocurrency exchange Bullish raised the size of its initial public offering.

Bullish is aiming to raise $990 million, offering 30 million shares priced between $32 and $33 apiece, and targeting a valuation of $4.8 billion, according to a Monday filing with the Securities and Exchange Commission.

The company, led by former New York Stock Exchange president Tom Farley, had previously marketed 20.3 million shares at a proposed range between $28 and $31 a share and sought a $4.2 billion valuation, per a filing last week.

Bullish granted its underwriters, led by JPMorgan, Jefferies and Citigroup, a 30-day option to sell an additional 4.5 million shares. Bullish stock will trade on the New York Stock Exchange under ticker symbol “BLSH.”

BlackRock and Cathie Wood’s ARK Investment Management have indicated interest in purchasing up to $200 million of the shares, according to the updated filing.

Bullish, which also owns the crypto media site CoinDesk, is the latest crypto firm to join the public market, reflecting reinvigorated capital markets driven by investor confidence and increasing regulatory support and clarity from Washington. The stablecoin issuer Circle made its highly successful debut in June. In May, Mike Novogratz’s Galaxy Digital uplisted to the Nasdaq and stock and crypto trading app eToro opened trading to the public.

Crypto custody startup BitGo has confidentially filed for a U.S. listing as has Gemini, the crypto exchange run by Tyler and Cameron Winklevoss.

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