Bullish Upsizes IPO to $990M, Attracts BlackRock & ARK Investors

Bullish, a digital asset platform targeting institutional clients, has increased its IPO size to $990 million from an initial $629 million. The company plans to offer 30 million shares priced between $32 and $33 each, up from the earlier proposal of 20.3 million shares at $28 to $31. At the upper end of the range, Bullish's valuation WOULD reach $4.82 billion, with 146.2 million shares outstanding post-IPO.

BlackRock and ARK Investment Management, led by Cathie Wood, have expressed interest in purchasing up to $200 million of shares. Underwriters have a 30-day option to acquire an additional 4.5 million shares at the IPO price. The listing will debut on the New York Stock Exchange under the ticker BLSH, with proceeds earmarked for general corporate purposes and potential acquisitions.

JPMorgan and Jefferies are leading the offering, joined by Citigroup as joint manager. Other financial heavyweights including Cantor Fitzgerald, Deutsche Bank, and Société Générale are also involved. Bullish boasts a $3 billion liquid asset base and has signaled ambitions in stablecoin development.