Cryptocurrency exchange Bullish has increased the size of its planned IPO, now seeking to raise US$990 million by offering 30 million shares priced between US$32 and US$33 each.

Previously, Bullish marketed 20.3 million shares at US$28 to US$31 apiece and aimed for a US$4.2 billion valuation.

The company now targets a US$4.8 billion valuation.

Underwriters including JP Morgan, Jefferies, and Citigroup have a 30-day option to sell an extra 4.5 million shares.

Bullish stock will be listed on the New York Stock Exchange under the ticker “BLSH.”

BlackRock and ARK Investment Management have expressed interest in buying up to US$200 million of shares.

Bullish also owns the cryptocurrency media outlet CoinDesk.

The IPO comes amid a wave of public listings by crypto firms, including Circle, Galaxy Digital, and eToro, with BitGo and Gemini also preparing US listings.

🔗 Source: CNBC

🧠 Food for thought

1️⃣ Crypto companies are capitalizing on improved regulatory clarity

Bullish’s IPO comes as the crypto industry benefits from a shift in U.S. regulatory approach from enforcement-heavy tactics to innovation-focused policies.

The SEC pursued 125 enforcement actions against crypto platforms between April 2021 and December 2024, resulting in $6.05 billion in penalties1. However, under new leadership, the agency has moved toward providing clearer compliance pathways rather than aggressive enforcement2.

This regulatory evolution helps explain why multiple crypto firms are now pursuing public listings simultaneously, with BitGo and Gemini also filing confidentially for U.S. listings as mentioned in the article.

The regulatory environment under the current administration has promoted innovation3, creating a more favorable window for crypto companies to access public markets.

2️⃣ The IPO market is experiencing its strongest recovery since 2021