Trump's policies spawned a wave of crypto listings! Bullish (BLSH.US) raises IPO pricing and size, sprinting to US$4.8 billion valuation

The Zhitong Finance App learned that the cryptocurrency exchange Bullish has drastically increased the size and pricing range of its IPO, increasing the potential financing scale from about US$629 million to US$990 million, which reflects that crypto-related companies are trying to seize the rising interest of investors.

According to documents submitted to the US Securities and Exchange Commission (SEC) on Monday, the digital asset exchange operator and owner of the media CoinDesk is currently planning to issue 30 million shares at a price of 32 to 33 US dollars per share. Previously, the company planned to issue 20.3 million shares, with a pricing range of 28 to 31 US dollars per share.

According to the latest pricing range upper limit calculation, based on the number of tradable shares listed in the declaration documents, Bullish's market value will reach about 4.8 billion US dollars, compared to the previous valuation of about 4.2 billion US dollars.

As the Trump administration embraces the cryptocurrency industry, more and more crypto companies are choosing to go public through IPOs, SPAC mergers, or reverse acquisitions. Since stablecoin issuer Circle Internet Group Inc.'s stock price soared after completing its $1.2 billion IPO in June, there has been a marked increase in listing applications from cryptocurrency companies.

Bullish announced plans to go public through a merger with a special purpose acquisition company (SPAC) in 2021. The deal valued the merged entity at around $9 billion, but the merger ended in 2022.

The IPO was led by J.P. Morgan Chase, Jefferies Financial Group, and Citigroup. The company plans to be listed on the New York Stock Exchange under the symbol BLSH.