Bullish Ups IPO Goal to $990M Amid Market Optimism
Peter Thiel-backed Bullish raises IPO target to $990M, valuing it at $4.8B, with JPMorgan, Jefferies, and Citigroup underwriting.
- Bullish increases IPO target from $629M to $990M
- Company now valued at around $4.8 billion
- IPO underwritten by JPMorgan, Jefferies, and Citigroup
Bullish, the crypto exchange backed by billionaire investor Peter Thiel, has sharply raised its initial public offering (IPO) fundraising goal. The company increased its target from $629 million to as much as $990 million, pushing its estimated valuation to approximately $4.8 billion.
This marks a significant development for Bullish, which has been working to establish itself as a major player in the cryptocurrency trading space. The increased target suggests confidence in both market conditions and investor appetite, despite ongoing volatility in the broader crypto sector.
From Canceled SPAC Deal to Public Offering
Bullish’s IPO journey has been far from straightforward. In 2022, the firm had planned to go public via a $9 billion merger with a special purpose acquisition company (SPAC), but that deal was ultimately called off. The decision to pursue a traditional IPO instead signals a shift in strategy, potentially aiming for greater market stability and transparency.
The IPO will be underwritten by top-tier financial institutions including JPMorgan, Jefferies, and Citigroup. This level of backing adds credibility to the offering and could attract a broader range of institutional investors.
What the IPO Means for the Crypto Industry
If successful, the Bullish IPO could mark one of the largest public offerings in the cryptocurrency exchange space in recent years. It may also indicate renewed investor confidence in digital asset platforms following a turbulent period for the industry.
Market analysts will be watching closely to see how Bullish performs on the public market, as its success could pave the way for other crypto firms considering traditional IPOs rather than SPAC mergers.
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