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.
The 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.
The sector’s recent climb to a $4-trillion market value has boosted public market sentiment, with Grayscale and Gemini, the digital assets exchange founded by Tyler and Cameron Winklevoss, also confidentially filing to go public in recent months.
Peter Thiel-backed 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.
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.
Certain funds and accounts managed by BlackRock BLK.N and Cathy Wood’s ARK Investment have indicated an interest in purchasing up to $200 million of shares in the offering.
Bullish is scheduled to price the deal on Tuesday and is expected to begin trading on the NYSE under the ticker symbol “FLY” the following day. J.P.Morgan, Jefferies and Citigroup are the lead underwriters for the IPO.