The cryptocurrency market sentiment is high, and Coindesk's parent company has raised its IPO pricing, with fundraising amount surging nearly 60%

The parent company of the cryptocurrency platform CoinDesk, Bullish, has significantly raised its IPO issuance price and fundraising scale, with the potential fundraising amount surging from approximately $629 million to $990 million, an increase of nearly 60%, reflecting strong investor interest in cryptocurrency companies.

According to documents submitted to the U.S. Securities and Exchange Commission on Monday, Bullish now plans to issue 30 million shares at a price range of $32 to $33. Previously, the company planned to issue 20.3 million shares at a price range of $28 to $31. Based on the new upper price range, the company's market capitalization will reach approximately $4.8 billion, a significant increase from the previous $4.2 billion.

Investment accounts managed by subsidiaries of BlackRock and ARK Investment Management have expressed interest in purchasing up to $200 million worth of shares at the IPO price. This IPO is being underwritten by JP Morgan, Jefferies, and Citigroup, with the company planning to list on the New York Stock Exchange under the ticker "BLSH."

With the Trump administration's supportive stance towards the cryptocurrency industry and the demonstration effect of stablecoin issuer Circle's stock price surge following its IPO in June this year, more and more cryptocurrency companies are choosing to go public through IPOs, SPACs, or reverse mergers.

Institutional Investors Eager to Subscribe

Bullish's IPO has attracted the attention of heavyweight institutional investors. Documents show that investment accounts managed by BlackRock and ARK Investment Management have expressed interest in purchasing up to $200 million worth of shares at the IPO price, providing strong support for this issuance.

The company operates a digital asset platform aimed at institutional clients, covering over 50 jurisdictions, but excluding the United States. In November 2023, Bullish acquired CoinDesk from Digital Currency Group for $72.6 million, entering the cryptocurrency media sector. CoinDesk is the second-largest cryptocurrency media outlet globally, with an average monthly unique visitor count of 4.9 million in 2024.

The company plans to convert part of the IPO fundraising into dollar-denominated stablecoins. Bullish had previously announced plans to go public through a merger with a special purpose acquisition company in 2021, when the post-merger company was valued at approximately $9 billion, but that transaction was canceled in 2022.

Wave of Cryptocurrency IPOs Emerges

Bullish is not the only cryptocurrency company seeking to go public. In July, digital asset custodian BitGo also submitted a public offering application in the U.S., although it did not disclose the number of shares or target valuation.

Reports indicate that cryptocurrency exchange Kraken is planning to raise $500 million through an IPO, with the company's valuation potentially reaching approximately $15 billion, significantly higher than the previous valuation of about $11 billion. Similar reports suggest that cryptocurrency exchange OKX is also preparing for a U.S. IPO after recently re-entering the U.S. market This year's most successful crypto stock issuance comes from the stablecoin issuer Circle. The company raised its IPO target to nearly $900 million driven by strong institutional demand, and the listing of CRCL stock added billions to its market capitalization.

Recently, there has been a surge in crypto IPO activity, coinciding with significant progress in the U.S. regulatory environment and an increasing adoption rate of digital assets by institutions. Last month, Trump signed the key stablecoin legislation known as the GENIUS Act, and the House also passed two additional bills focused on market structure and anti-central bank digital currency measures before the August recess