Synopsis– Bullish, owner of CoinDesk, has raised its IPO target to nearly $1 billion, boosting its valuation to about $4.8 billion as JPMorgan, Jefferies, and Citigroup lead the deal. The move underscores growing Wall Street and institutional interest in crypto as markets regain momentum.
Bullish, the digital asset exchange and owner of CoinDesk, raised its IPO ambitions and sharpened Wall Street’s focus on crypto’s next leg higher. The company lifted its offering target to nearly $1B as major banks lined up to lead the deal. Investors appear eager as crypto markets regain momentum and traditional finance embraces digital assets.
Bigger Target, Stronger Signal
Bullish increased the target valuation for its IPO by almost 60% to potentially $990 million. The move shows rising confidence in crypto-linked equities as market sentiment improves. It now plans to sell 30 million shares at $32 to $33 each, according to recent filings. That represents a near 60% jump from the upper end of its earlier target price range.
If the offering prices are as expected, Bullish would list with a market capitalisation of about $4.8 billion. That marks an upgrade from the $4.2 billion goal disclosed in early August. The deal will trade under the ticker symbol BLSH, pending final approvals.
JPMorgan, Jefferies, and Citigroup are leading the transaction. Their presence signals deepening institutional participation in crypto’s public market story. Several institutional investors, including subsidiaries of BlackRock and ARK Investment Management, have already shown interest.
Wall Street’s Crypto Bet
In its filing, Bullish highlighted stronger activity in digital asset markets this year. It also pointed to growing adoption by traditional financial firms as a key catalyst. Names include BlackRock, Fidelity, JPMorgan, and Goldman Sachs, which have advanced digital asset strategies. Their involvement has helped legitimise the sector and support market structure.
Bullish operates an institutional-grade digital asset platform and has expanded its footprint beyond trading. In November 2023, it acquired CoinDesk from Digital Currency Group for $72.6 million. That deal added a prominent media arm to its ecosystem and broadened its reach across the industry.
New Highs in Demand
Institutional appetite for digital assets continues to set fresh milestones. Bullish and peer companies aim to capitalise on upbeat sentiment and accelerated adoption. They follow the path of stablecoin issuer Circle, which completed a blockbuster IPO earlier this year. Circle raised more than $1 billion in its debut, reinforcing confidence in public crypto plays.
Since listing, Circle’s market capitalisation has reached about $41 billion. Its share price has climbed roughly 140%, reflecting robust investor demand. This performance has encouraged more companies to consider tapping public markets.
Flows into spot Bitcoin and Ether ETFs have surged in recent months. More public companies are adding digital assets to their treasuries. University endowments and pension funds are also seeking measured exposure, signalling broader acceptance.
Bitcoin Holdings Concentrate Across Institutions
Institutional exposure extends beyond equities and ETFs. ETFs, along with public and private companies, now hold a meaningful share of Bitcoin’s supply. According to Bitbo data, these entities collectively control more than 13.5% of all Bitcoin. This concentration highlights the structural role institutions play in the market’s evolution.
As demand broadens, liquidity and price discovery continue to improve. This dynamic has supported the case for public listings among crypto-native firms. It also provides a clearer bridge between traditional capital markets and digital assets.
Therefore, Bullish’s upsized target reflects a market growing more resilient and integrated with mainstream finance. The company’s planned listing, led by heavyweight underwriters, could become a bellwether for the sector’s next phase. If successful, it may further validate crypto’s place within diversified institutional portfolios. With momentum building, Bullish’s IPO will test the depth of investor appetite for crypto exposure in public equities. The outcome could shape the pace of follow-on offerings and future entrants. As important, it signals how capital markets are adapting to digitised finance at scale.
Written By Fazal Ul Vahab C H
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