Cryptocurrency exchange Bullish (BLSH.US) raised the IPO price to $32-33 per share to raise US$990 million

The Zhitong Finance App has learned that Bullish, a cryptocurrency exchange supported by US billionaire Peter Thiel, has raised the scale of its initial public offering (IPO). According to documents submitted to the US Securities and Exchange Commission (SEC) on Monday, Bullish plans to issue 30 million shares, each priced between $32 and $33, to raise $990 million. The company's target valuation is $4.8 billion. Previously, the company planned to issue 20.3 million shares, each priced between $28 and $31. The company plans to be listed on the NYSE under the ticker symbol “BLSH.”

With the Trump administration's acceptance of the cryptocurrency industry, more and more crypto companies are choosing to go public through IPOs, SPAC mergers, or reverse acquisitions. Since stablecoin issuer Circle (CRCL.US)'s stock price surged 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.

According to reports, Bullish has granted underwriters led by J.P. Morgan Chase, Jefferies, and Citigroup a 30-day option to sell an additional 4.5 million shares. According to updated documents, BlackRock and ARK Investment Management, a subsidiary of “Sister Wood” Casey Wood, have expressed interest in buying up to $200 million in shares.