Crypto Exchange Bullish has increased the size of its initial public offering from $629 million to $990 million as it seeks to take advantage of the hot market of Crypto companies.
Coindesk is a subsidiary of Bullish.
According to a filing with the Securities and Exchange Commission on Monday, Bullish aims to sell $39 million at a valuation of $32-$33, $990 million, respectively, and $4.8 billion at the top of the range.
In previous filings on August 4, the company planned to sell valuations of $28-31, or approximately $629 million and $4.2 billion, respectively, at the top of the range.
Bullish is one of many crypto companies that want to take advantage of the booming IPO market in this sector, as the industry is profiting from a clearer regulatory framework and investor interest, let alone the large prices that have recently been large for major cryptocurrencies such as Bitcoin and Ether.
Stablecoin Issuer Circle (CRCL) was first published in June, and its share price has since skyrocketed 93%.
In previous submissions with the SEC, Bullish revealed that funds managed by BlackRock and Ark Investment Management are interested in purchasing a company worth $200 million at IPO prices.
The company, which trades under Ticker's “BLSH,” has revealed that it has recorded a net profit estimate of between $106 million and $109 million in the second quarter, after reporting losses for the first quarter and the fourth quarter of 2024.
