Expanded Initial Public Offering for Cryptocurrency Company Increased to surpass Price Range, aiming to accumulate $1.1 Billion in Funds
In a significant move for the cryptocurrency industry, Bullish, the crypto exchange company that also owns CoinDesk, successfully raised $1.11 billion in its Initial Public Offering (IPO) on August 13. The company sold 30 million shares at $37 per share, surpassing the earlier targeted range of $32-$33 per share[3][4].
The IPO, priced at approximately $5.4 billion based on the shares outstanding as per the filing, saw Bullish's market capitalization surge over $10 billion by the end of the first trading day[4]. This impressive valuation growth is a testament to the market's enthusiasm for the company.
Key points from the IPO include the company's listing on the New York Stock Exchange under the ticker BLSH, and the inclusion of a 30-day option for underwriters to purchase up to 4,500,000 additional ordinary shares at the IPO price[1][2][4].
Several other crypto companies have also made waves this year by going public via SPAC acquisition and private-public partnerships. The IPO of Bullish follows the success stories of eToro Group and Circle Internet Group earlier in the year[4].
The IPO proceeds included settlement primarily in stablecoins totaling $1.15 billion shortly after the IPO[5]. The IPO was managed by a team of co-managers, including Canaccord Genuity, Keefe, Bruyette & Woods, A Stifel Company, Oppenheimer & Co., and Rosenblatt, with Cantor, Deutsche Bank Securities, and Société Générale serving as additional book-running managers[1][4]. J.P. Morgan and Jefferies were the lead book-running managers of the offering, with Citigroup acting as joint book-running manager.
This trend towards going public is part of a transformative move towards compliance in the crypto industry, signalling a maturing market and increased confidence from investors[4]. As Bullish continues to grow and evolve, it will be interesting to see how it contributes to this shift in the industry.
News of Bullish's successful $1.11 billion Initial Public Offering (IPO) in the finance sector has sparked insights about the maturing cryptocurrency industry. As technology continues to drive innovation in this space, investing in companies like Bullish may present exciting opportunities for growth.