- Bullish shares may start trading as soon as August 12 if the IPO gets the go light.
- A part of the IPO proceeds will be converted into stablecoins denominated in US dollars, as stated in the filing.
Bullish, a media and cryptocurrency exchange operator, has attracted interest from large institutional investors. And intends to launch an initial public offering (IPO) in the United States to raise $568 million to $629 million.
The company’s intentions to issue 20.3M shares, with a possible valuation of up to $4.2B, were detailed in a revised F-1 document. That Bullish presented to the US Securities and Exchange Commission (SEC) just weeks after its original IPO application. Bullish shares may start trading as soon as August 12 if the IPO gets the go light.
The statement said that some investment accounts overseen by BlackRock and ARK Investment Management subsidiaries had expressed a desire to buy up to $200 million worth of shares at the public offering price.
Moreover, a part of the IPO proceeds will be converted into stablecoins denominated in USD, as stated in the filing. Bullish runs a digital asset platform that is accessible in over 50 countries (apart from the US). And is designed for institutional customers.
Eyeing Public Listings
A number of crypto-centric businesses are eyeing public listings, including Bullish. Although company did not reveal the amount of shares or its intended price, digital asset custodian BitGo filed for a US public offering in July.
Kraken, a cryptocurrency exchange, reportedly plans to raise $500 million in an initial public offering (IPO). Which could increase the company’s worth from $11 billion to $15 billion. As per sources, OKX, another crypto exchange, is getting ready to go public in the US after its recent restart of services there.
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