Cryptocurrency Exchange Bullish (BLSH.US) IPO Priced at $28-31 Per Share, Aiming to Raise Up to $629 Million
According to a report, Bullish is seeking to raise up to $629 million in its first public offering (IPO) in the United States. The company is a digital asset trading platform operator and also owns CoinDesk, a media platform. According to a filing submitted to the US Securities and Exchange Commission (SEC) on Monday, the company plans to issue 20.3 million shares at a price range of $28 to $31 per share. Based on the upper end of this price range, Bullish's valuation could reach as high as $42 billion.
As the Trump administration supports the cryptocurrency industry and cryptocurrency legislation makes progress in the US Congress, more and more cryptocurrency companies are choosing to go public through IPOs, mergers with blank-check companies, or reverse acquisitions. Stablecoin issuer Circle (CRCL.US) went public in June, and its stock price rose by 750% in its first month after listing. Since then, the number of applications for cryptocurrency companies to go public has increased.
Bullish announced in 2021 that it planned to go public through a merger with a special-purpose acquisition company (SPAC), with an expected valuation of around $90 billion. However, this plan was cancelled in 2022.
The filing shows that the company provides cryptocurrency spot trading, margin trading, and derivatives services primarily targeting institutional investors. However, its margin and derivatives products are not yet available or open to US users.
The company also provides liquidity services for stablecoin issuers. In 2023, it acquired CoinDesk from Digital Currency Group for $72 million. CoinDesk operates a media business in addition to providing market data and index services.
The filing shows that over the past three months ending March 31, Bullish generated $80.2 million in revenue and suffered a net loss of approximately $3.486 billion, compared with $80.4 million in revenue and a net profit of $1.048 billion for the same period last year.
The filing shows that the company was previously a subsidiary of Block.one, which reduced its stake in Bullish to below 50% by July 2024. The largest investors in Bullish include its co-founders, including Brendan Blumer, CEO of Block.one, and Kokuei Yuan, a member of Bullish's board.
This offering is led by Morgan Stanley, Jefferies, and Goldman Sachs. The company plans to list on the New York Stock Exchange (NYSE) under the ticker symbol "BLSH."