Crypto Exchange Bullish Aims for Bigger IPO Target of $990 Million on $4.8 Billion Valuation

Cryptocurrency exchange Bullish upped the size of its initial public offering (IPO).

The company now plans to offer 30 million shares at a price range of $32 to $33 each, according to a Monday (Aug. 11) filing with the Securities and Exchange Commission . That puts the potential size of the IPO at $990 million.

The exchange, which also owns the crypto-focused news outlet CoinDesk , initially planned to sell 20.3 million shares for $28 to $31 each. The company was targeting a valuation of up to $4.23 billion, but this new price range would give it a market value of about $4.8 billion.

Bullish tried to go public in 2021 through a merger with special purpose acquisition company (SPAC) Far Peak. However, the two firms called off the plan in late 2022, citing a series of regulatory obstacles.

“But that was under a different administration ,” PYMNTS wrote in June. “With crypto-friendly President Donald Trump in office, investors have grown much more enthusiastic about cryptocurrency. The administration’s pro-crypto stance has helped bring the price of bitcoin to record levels and inspired other digital asset firms to seek public listings.”

Those companies include Circle , which raised $1.1 billion with its IPO in June, more than twice the stablecoin creator’s expectations.

Another digital asset company, Figure Technology Solutions , announced last week that it is preparing to go public . The company, which uses blockchain technology for home loans and offers crypto-backed loans, said it filed confidentially for an IPO with the SEC.

Meanwhile, the SEC’s Division of Corporation Finance decided last week that — under a specific set of facts — liquid staking arrangements , and the “staking receipt tokens” they generate, do not involve the offer or sale of securities.

This distinction matters as more than 154 public companies have committed $98.4 billion of their treasury dollars for crypto purchases just this year.

However, the SEC’s allowance here applies to a strictly controlled set of assumptions. Beyond that, companies could be in regulatory gray areas.