The upper range of the offering gives Bullish a valuation of $4.2 billion, according to its outstanding shares.
Crypto exchange Bullish is looking to raise up to $629 million in its initial public offering, the company said in a filing with the Securities and Exchange Commission on Monday.
The owner of the media outlet CoinDesk is eyeing the sale of 20.3 million shares at a price between $28 and $31, according to the filing. The upper range of the offering gives Bullish a valuation of $4.2 billion, according to its outstanding shares.
The valuation is significantly below the $9 billion target the company had set earlier, during its first attempt to go public through a merger with a blank-check firm that was scrapped in 2022.
J.P. Morgan, Jefferies, and Citigroup are the lead underwriters of the offering, and the company aims to list on the New York Stock Exchange with the ticker symbol “BLSH.”
The stock has already garnered over 400 followers on Stocktwits at the time of writing.
The filing revealed that top asset manager BlackRock Inc. and Cathie Wood’s ARK Investment Management have expressed interest in acquiring up to $200 million of shares in aggregate at the IPO price.
The Peter Thiel-backed company’s public listing follows the blockbuster debut of stablecoin issuer Circle in June, which currently trades 400% higher than its IPO Price. U.S. President Donald Trump has been much friendlier to the industry than his predecessor, Joe Biden, and has encouraged Congress to advance favorable legislation.
The Cayman Islands-based company aims to convert a significant portion of the IPO proceeds into U.S.-dollar-denominated stablecoins, with the assistance of one or more issuers of such digital assets. Bullish booked a net loss of $348.6 million in the quarter ending March 31, compared with a net income of $104.8 million a year earlier.
While a large number of traders want a piece of the company, as indicated by user messages on Stocktwits, some are skeptical about whether it can match the successes of the previous listings.
Bullish co-founder and Block.one CEO, Brendan Blumer, is set to own 30.1% of the shares following the offering, while board member Kokuei Yuan will have 26.7% of the shares.
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