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.