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Peter Thiel-Backed Bullish Boosts IPO Target to Nearly $990M Amid Digital Asset Surge
Bullish, a cryptocurrency exchange backed by Peter Thiel, has increased its initial public offering (IPO) target to nearly $990 million amid the surge in digital assets. The company aims to sell 30 million shares priced between $32 and $33 each, which could value it at up to $4.82 billion.
The drastic increase in IPO targets signals a renewed appetite from investors for crypto-related equity offerings. Bullish’s expansion plans come as the global digital asset market reaches an impressive valuation of nearly $4 trillion. This development underscores the sector’s growing presence in mainstream equity markets.
As previously planned, BlackRock and ARK Investment Management have expressed interest in acquiring up to $200 million worth of shares in the IPO. These expressions of interest are non-binding but demonstrate strong institutional participation.
Following a failed attempt at going public through a SPAC merger in 2022, Bullish is now seeking equity capital in the public markets. The move highlights the growth catalyst potential of the offering. It also reinforces the exchange’s commitment to expanding its market share and enhancing trading infrastructure.
Peter Thiel-backed Bullish is set to list on the New York Stock Exchange (NYSE) under the ticker symbol BLSH, with trading expected to commence shortly after pricing, which is scheduled for Tuesday.
Source: coincentral.com
