Bullish, the Peter Thiel-backed crypto exchange and owner of CoinDesk, has boosted its planned IPO target to $990 million, aiming for a $4.8 billion valuation in its New York Stock Exchange debut.
According to an SEC filing, the company will now offer 30 million shares priced between $32 and $33 each, up from its earlier plan of 20.3 million shares at $28 to $31. This represents a nearly 57% increase from the $629 million goal announced earlier this month.
The Cayman Islands-based firm’s revised target reflects surging investor interest in cryptocurrency-related businesses, bolstered by the U.S. government’s supportive stance toward the sector.
Recent successful listings, such as stablecoin issuer Circle’s $1.2 billion IPO in June, have further boosted market sentiment. Bullish had previously pursued a SPAC merger in 2021 at a $9 billion valuation, but the deal was shelved in 2022 amid changing market conditions. JPMorgan Chase, Jefferies, and Citigroup are leading the current offering.
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