Key Takeaways
- Bullish increases IPO fundraising target from $629M to $990M.
- The company raises share count from 20.3M to 30M and boosts price range.
- IPO could value Bullish at over $4.2B, with potential extra share sale.
Crypto trading platform Bullish, backed by billionaire tech investor Peter Thiel, has significantly raised its IPO expectations. The company now aims to raise up to $990 million, up from its earlier target of $629 million. This move reflects growing market confidence and investor interest in its business model.
IPO Expansion and New Price Range
Initially, Bullish had planned7 to sell 20.3 million ordinary shares priced between $28 and $31. However, the firm has now increased the offering to 30 million shares, raising the price range to $32-$33 per share. At the top of this range, the IPO would generate $990 million.
Additionally, Bullish intends to give underwriters a 30-day option to purchase up to 4.5 million extra shares at the IPO price, excluding fees. This strategic move could further boost capital raised and strengthen the firm’s liquidity.
Market Position and IPO Strategy
Bullish confidentially filed for its IPO in June, enabling it to prepare its public listing without revealing all financial details early on. The company joins a wave of digital asset platforms seeking public market funding, either through traditional IPOs or digital asset treasuries (DATs).
If successful, the IPO will position Bullish alongside other high-profile crypto firms that have leveraged public listings to expand their operations. Recently, Circle Internet Group (CRCL) saw its stock surge over 500% within weeks of its debut, highlighting strong investor appetite for digital asset-related companies.
Summary
Peter Thiel-backed6 Bullish is scaling up its IPO ambitions, aiming to raise nearly $1 billion by increasing its share count and price range. The move underscores its growth plans and investor confidence in the evolving digital asset market.
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