Cryptocurrency exchange operator and media company Bullish is planning to raise between $568 million and $629 million in a U.S. initial public offering (IPO), a move that has already attracted significant interest from major institutional investors. Following its initial IPO submission, Bullish updated its F-1 filing with the U.S. Securities and Exchange Commission (SEC), indicating plans to issue 20.3 million shares. This issuance could potentially value the company at up to $4.2 billion, with shares expected to begin trading as early as August 12, pending SEC approval. Investment accounts managed by subsidiaries of BlackRock and ARK Investment Management have expressed interest in purchasing up to $200 million worth of stock at the IPO price. Bullish intends to convert a portion of the IPO proceeds into U.S. dollar-denominated stablecoins. The company operates a digital asset platform catering to institutional clients across more than 50 jurisdictions, excluding the U.S. Its expansion into the crypto media space was marked by the acquisition of CoinDesk from Digital Currency Group for $72.6 million in November 2023. CoinDesk, recognized as the world's second-largest crypto media outlet by readership, reported an average of 4.9 million unique monthly viewers in 2024, according to Bullish's F-1 filing.

Crypto IPOs on the Rise

Bullish is part of a growing trend of crypto-focused companies seeking public listings. In July, digital asset custodian BitGo also filed for a U.S. public offering, though specific share numbers and valuation targets were not disclosed. Reports from last week suggest that crypto exchange Kraken is aiming to raise $500 million through an IPO, potentially valuing the company at approximately $15 billion, an increase from its previous valuation of around $11 billion. Similarly, crypto exchange OKX is reportedly preparing for a U.S. IPO after recently relaunching its services in the country. Stablecoin issuer Circle has also seen considerable success with its public offering, adding billions to its market cap. Before going public, Circle increased its IPO target to nearly $900 million due to strong institutional demand. This surge in crypto IPO activity coincides with notable regulatory advancements in the United States, including the signing of stablecoin legislation and the passage of bills focused on market structure and anti-CBDC measures.

FAQ Q: How much does Bullish plan to raise in its IPO? A: Bullish plans to raise between $568 million and $629 million. Q: What is the potential valuation of Bullish after its IPO? A: The company could be valued at up to $4.2 billion. Q: Which major institutional investors have shown interest in Bullish's IPO? A: Investment accounts managed by subsidiaries of BlackRock and ARK Investment Management have indicated interest. Q: When could Bullish shares start trading? A: Pending SEC approval, shares could begin trading as early as August 12. Q: What is CoinDesk's reported readership? A: CoinDesk reported an average of 4.9 million unique monthly viewers in 2024. Q: Which other crypto companies have recently pursued IPOs? A: BitGo and Kraken are among the other crypto companies that have recently filed for or are planning U.S. public offerings.

Crypto Market AI's Take

The increasing number of cryptocurrency companies pursuing IPOs signals a maturing market and growing institutional confidence in digital assets. This trend, coupled with positive regulatory developments in the U.S., suggests a more stable and accessible environment for crypto investments. As more companies like Bullish go public, it can lead to greater transparency and liquidity in the crypto market. For investors looking to navigate this evolving landscape, understanding market trends and leveraging advanced analytical tools is crucial. Our platform offers insights into these market dynamics, providing data-driven strategies and real-time analysis to help you stay ahead in the crypto space. Explore our AI-driven crypto trading tools to enhance your trading strategies.

CoinDesk owner Bullish eyes .2B valuation in IPO backed by BlackRock, ARK

Crypto IPOs on the Rise

Crypto Market AI's Take

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