Cryptocurrency exchange Bullish is seeking a valuation of close to $5 billion ahead of its upcoming initial public offering (IPO).
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Bullish is aiming to raise $990 million by selling 30 million shares priced between $32 and $33 each. At that pricing, Bullish would have a valuation of $4.8 billion at the top end, according to a filing with the U.S. Securities and Exchange Commission (SEC).
Bullish, which facilitates the trading of cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), had previously marketed 20.3 million shares in a price range of $28 to $31 a share, giving it a $4.2 billion valuation. Bullish stock will trade on the New York Stock Exchange under the ticker symbol “BLSH.”
Highly Anticipated Offering
The Bullish IPO is highly anticipated, with reports that asset managers BlackRock (BLK) and Cathie Wood’s ARK Invest have expressed interest in buying up to $200 million of the shares. Bullish is the latest cryptocurrency firm to go public.
Stablecoin issuer Circle Internet Group (CRCL) had a successful market debut in June. Crypto custody start-up BitGo and Gemini, the crypto exchange run by twin brothers Tyler and Cameron Winklevoss, have confidentially filed paperwork to also hold an IPO this year.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on cryptocurrencies such as Bitcoin, so we’ll look instead at its three-month performance. As one can see in the chart below, the price of BTC has risen 16.08% in the last 12 weeks.
