Cryptocurrency exchange Bullish has priced its initial public offering (IPO) at $37 U.S. per share, which is above the expected range.
Bullish had initially priced its share sale at $32 U.S. to $33 U.S. The new pricing values the crypto firm at $5.4 billion U.S.
The company said it should raise $1.1 billion U.S. in the offering of 30 million shares. Due to strong investor demand, Bullish expanded the number of shares sold in the IPO from 20 million.
Bullish stock will trade on the New York Stock Exchange under the ticker symbol “BLSH” starting today (Aug. 13).
Bullish, which is headquartered in the Cayman Islands, is a cryptocurrency exchange that’s geared toward institutional investors. It also owns the crypto news website CoinDesk.
Since its launch in 2021, total trading volume on the Bullish exchange has exceeded $1.25 trillion U.S. as of March 31 this year.
This is the second attempt by Bullish to go public. It scrapped earlier plans for an IPO, citing unfavourable market conditions.
Bullish is the latest in a series of crypto firms that have announced plans to hold an IPO this year.
In June, stablecoin issuer Circle (CRCL) made its stock market debut, raising $1 billion U.S. Stock and crypto trading app eToro also held an IPO this year that valued it at $5.4 billion U.S.
Crypto custody start-up BitGo and crypto exchange Gemini have also filed for U.S. listings in coming months.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, is currently trading at $120,700 U.S., having gained more than 25% this year.
