Bullish, the cryptocurrency exchange backed by billionaire Peter Thiel and owner of media outlet CoinDesk, priced its U.S. initial public offering above its expected range at $37 per share. The sale of 30 million shares raised $1.11 billion, valuing the company at $5.41 billion.
Bullish had initially targeted a price between $32 and $33 per share. The IPO comes amid a resurgence of U.S. equity markets, following a two-year slowdown, with other high-profile offerings like Circle Internet and Figma seeing strong investor demand, News.Az reports, citing Reuters.
Led by former New York Stock Exchange president Tom Farley, Bullish operates a crypto exchange offering spot trading, futures, and derivatives. The company is expected to begin trading on the NYSE under the ticker symbol BLSH on Wednesday. Institutional investors, including BlackRock and Cathie Wood’s Ark Investment Management, have committed up to $200 million in the offering. JPMorgan, Jefferies, and Citigroup are the lead underwriters.
