According to Bloomberg, the cryptocurrency exchange Bullish has raised $1.1 billion through an IPO, and the final offering price was higher than the range originally set for investors, indicating stronger-than-expected market demand. The company plans to list on the New York Stock Exchange on Wednesday under the ticker symbol BLSH.
According to a press release, Bullish, which operates the exchange and owns the cryptocurrency media outlet CoinDesk, sold 30 million shares at $37 each on Tuesday, exceeding the original promotion range of $32 to $33 per share. Based on the IPO pricing and the number of shares outstanding listed in the documents submitted to the U.S. Securities and Exchange Commission (SEC), the company’s market capitalization will reach $5.4 billion.
Documents show that Bullish increased the number of shares it planned to issue to 30 million on Monday and raised the price range. Insiders disclosed that the IPO was oversubscribed by more than 20 times. According to the documents, BlackRock and ARK Investment Management both expressed interest in purchasing shares at the IPO price, with a total investment amounting to as much as $200 million.
The documents indicate that Bullish’s CEO is former NYSE President Tom Farley, and the company offers spot, margin, and derivatives trading services for cryptocurrencies, primarily targeting institutional investors. The documents also show that Bullish’s major investors include its co-founder and CEO of Block.one (the developer of the EOS blockchain) Brendan Blumer, who is expected to hold 30.1% of shares post-issuance, while board member Kokuei Yuan is expected to hold 26.7%. Billionaire Peter Thiel is also an investor in the exchange.
