Bullish IPO Seeks $990M at $4.8B Valuation with Wall Street Backing
The Bullish IPO has raised its valuation target to $4.8 billion, up from $4.2 billion, by planning to sell 30 million shares at $32–$33 each. The deal, underwritten by leading Wall Street banks including JPMorgan, Morgan Stanley, Jefferies and Citigroup, aims to secure up to $990 million and will trade under ticker BLSH. Major institutional investors, such as BlackRock and ARK Invest affiliates, have already signaled interest. The Bullish IPO cites growing market activity, adoption by traditional financial firms like Fidelity, Goldman Sachs and JPMorgan, and inflows into spot BTC and ETH ETFs as key drivers. In November 2023, Bullish expanded into crypto media with its $72.6 million acquisition of CoinDesk. The move follows Circle’s $1 billion IPO, which has seen its market value surge by about 140%, and reflects robust institutional demand that now sees ETFs and corporates holding over 13.5% of Bitcoin’s supply.
Bullish
The robust institutional backing and increased valuation target in the Bullish IPO signal strong confidence in digital asset markets. In the short term, this could spur trading activity in BLSH and boost sentiment across crypto exchanges. In the long term, Wall Street involvement, rising ETF inflows into BTC and ETH, and broader adoption by traditional financial firms are likely to support sustained demand for digital assets, potentially driving prices higher. Historical precedents, such as Circle’s IPO rally, suggest that similar high-profile listings can catalyze market momentum.