Crypto market sentiment is rising, Coindesk's parent company raises IPO pricing, and fundraising soars by nearly 60%

Abstract: Digital asset trading platform Bullish has raised its IPO offering price range from $28-$31 to $32-$33. The IPO is lead-underwritten by JPMorgan Chase, Jefferies, and Citigroup. Bullish's subsidiary CoinDesk, the world's second-largest crypto media outlet, recorded an average of 4.9 million monthly unique visitors in 2024.

Bullish, the parent company of crypto platform CoinDesk, has significantly increased its IPO offering price and fundraising scale, with the potential proceeds surging from approximately $629 million to $990 million, a nearly 60% increase, reflecting strong investor interest in crypto companies.

According to a filing submitted to the U.S. Securities and Exchange Commission on Monday, Bullish now plans to issue 30 million shares within the price range of $32-$33. Previously, the company intended to offer 20.3 million shares at $28-$31. Based on the upper limit of the new price range, the company's market capitalization will reach approximately $4.8 billion, a notable increase from the previous $4.2 billion.

Investment accounts managed by subsidiaries of BlackRock and ARK Investment Management have expressed interest in purchasing up to $200 million worth of shares at the IPO price. The IPO is lead-underwritten by JPMorgan Chase, Jefferies, and Citigroup, and the company plans to list on the New York Stock Exchange under the ticker symbol "BLSH".

With the Trump administration's supportive stance toward the crypto industry and the demonstration effect of stablecoin issuer Circle's surging stock price after its June IPO this year, more and more crypto companies are choosing to go public through IPOs, SPACs, or reverse mergers.

Institutional Investors Subscribe Enthusiastically

Bullish's IPO has attracted the attention of heavyweight institutional investors. Filings show that investment account management companies under BlackRock and ARK Investment Management have expressed intent to purchase up to $200 million of shares at the IPO price, a cornerstone investment that provides strong support for the offering.

The company operates a digital asset platform for institutional clients, with operations covering over 50 jurisdictions, excluding the United States. In November 2023, Bullish entered the crypto media space by acquiring CoinDesk from Digital Currency Group for $72.6 million. As the world's second-largest crypto media outlet, CoinDesk had an average of 4.9 million monthly unique visitors in 2024.

The company plans to convert part of the IPO proceeds into U.S. dollar-denominated stablecoins. Bullish previously announced plans to go public through a merger with a special purpose acquisition company (SPAC) in 2021, with a post-merger valuation of approximately $9 billion, but the deal was canceled in 2022.

Surge in Crypto IPOs

Bullish is not the only crypto company seeking a public listing. In July, digital asset custodian BitGo also filed for a U.S. public offering, though it did not disclose the number of shares or target valuation.

It is reported that crypto exchange Kraken is planning to raise $500 million through an IPO, with a potential valuation of approximately $15 billion, significantly higher than its previous valuation of around $11 billion. Similar reports indicate that crypto exchange OKX is also preparing for a U.S. IPO after recently re-entering the U.S. market.

This year's most successful crypto stock offering came from stablecoin issuer Circle. Driven by strong institutional demand, the company raised its IPO target to nearly $900 million, and the listing of CRCL shares added billions of dollars to its market capitalization.

The recent surge in crypto IPO activity comes amid significant developments in the U.S. regulatory environment and growing institutional adoption of digital assets. Last month, Trump signed the key stablecoin bill, the GENIUS Act, and the House of Representatives passed two other bills focusing on market structure and anti-central bank digital currency measures before its August recess.

Source: Wall Street News

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