Investor sentiment in the cryptocurrency market received a significant boost following Bullish’s recent valuation at $13.16 billion, paving the way for other digital asset companies eyeing a listing in the U.S.
Bullish, a prominent digital asset platform supported by Peter Thiel, announced an upsized initial public offering (IPO) of 30 million ordinary shares, priced at $37.00 per share. The company will begin trading on the New York Stock Exchange under the ticker symbol BLSH. JP Morgan and Jefferies serve as the lead book-running managers for this offering, with Citigroup acting as a joint book-running manager.
Additionally, Cantor, Deutsche Bank Securities, and Societe Generale are providing further book-running management, while Canaccord Genuity, Keefe, Bruyette & Woods, A Stifel Company, Oppenheimer & Co., and Rosenblatt will act as co-managers.
Chris Tyrer, President of Bullish, stated, “We’ve gone public today, and there’s a wave of others set to follow. This will ultimately benefit the market by providing more options for accessing this asset class.”
Bullish is also nearing the completion of a two-year journey to secure a virtual currency license known as a BitLicense in New York, which would permit the firm to operate within the state. Obtaining a BitLicense entails compliance with Know Your Customer (KYC), Anti-Money Laundering (AML), and capital requirements. The company plans to convert a significant portion of its IPO proceeds into stablecoins.
This development aligns with recent actions by U.S. President Donald Trump, who signed the Genius Act, regulating stablecoins. Furthermore, Bullish is targeting institutional clients, which could lead to an increase in cryptocurrency holdings in light of the recent White House order allowing alternative investments within 401(k) retirement plans.