Crypto Exchange Bullish Seeks $4.8B Valuation in Upsized IPO Backed by BlackRock and Ark Invest

Crypto exchange Bullish has raised the size of its initial public offering to $990 million from $629 million, as the company looks to take advantage of a hot market for crypto firms.

CoinDesk is a subsidiary of Bullish.

According to a filing with the Securities and Exchange Commission on Monday, Bullish is aiming to sell 30 million shares at a price of $32 to $33 each, or $990 million and a valuation of $4.8 billion at the top of the range.

In a previous filing on Aug. 4, the company had planned to market 20.3 million shares at $28 to $31 each, or about $629 million and a $4.2 billion valuation at the top of the range.

Bullish is one of many crypto companies hoping to take advantage of a booming IPO market in the space as the industry is starting to profit from a clearer regulatory framework and investor interest, not to mention sharply higher prices of late for leading cryptocurrencies like bitcoin and ether.

Stablecoin issuer Circle (CRCL) was among first to go public in June and has seen its share price skyrocket 93% since.

In an earlier filing with the SEC, Bullish disclosed that funds managed by BlackRock and Ark Investment Management have expressed interest to buy $200 million worth of shares of the company at the IPO price.

The company, which would trade under the ticker “BLSH” also disclosed that it had posted a net income estimate of $106 million to $109 million for the second quarter after reporting losses for the first quarter and the fourth quarter of 2024.