Crypto exchange Bullish, headed by former NYSE president Thomas Farley, has filed to raise its IPO size to seek a valuation nearing $4.9 billion in the U.S.
The upsized IPO signals strong institutional interest, highlighting Bullish’s strategic market position in the crypto sector amid rising regulated, institutional-focused solutions.
Bullish, a regulated crypto exchange, has confirmed an IPO with upsized terms, aiming for a $4.9 billion valuation. This decision follows the involvement of significant institutional investors such as BlackRock and Ark Investment Management, as detailed in SEC filings.
The updated IPO involves 30 million shares priced at $32–$33, potentially raising $990 million in gross proceeds. Organized by CEO Thomas Farley, also a former NYSE president, Bullish’s plan includes a substantial conversion of proceeds into USD-stablecoins.
Analysts Predict IPO’s Market Influence
Bullish’s IPO could influence market sentiments regarding crypto exchange valuations. Institutional commitments could sway investor confidence, though actual BTC or ETH price impacts remain unreported. Community reactions focusing on future strategies may emerge as the IPO progresses.
Analysts believe this IPO might impact comparable public-market valuations and sentiment toward crypto infrastructure firms. Historical IPOs, like Circle’s, saw positive momentum, suggesting potential for similar outcomes for Bullish as they prepare for NYSE listing.
Experts Weigh In on Bullish’s Market Impact
Circle’s IPO serves as a precedent, having shown robust trading post-listing. Similarly, successful listings in the crypto space historically boost public sentiment and provide benchmark evaluations for sector investments, influencing market trends.
Experts from Kanalcoin predict significant interest in Bullish’s shares, driven by the high-profile involvement of institutional investors. Based on prior trends, this IPO may solidify market trust in regulated crypto exchanges, potentially shaping perceptions across the market.
Thomas Farley, CEO of Bullish, noted, “The company plans to sell 30 million shares at $32–$33 each, targeting up to ~$990 million in gross proceeds and an implied valuation around $4.8 billion at the top of the range.”
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