Another heavyweight IPO in the "crypto circle" is happening tonight, with the listing of Bullish backed by many big names

Tonight, the cryptocurrency sector will welcome a heavyweight IPO—cryptocurrency trading platform Bullish will be listed on the New York Stock Exchange, with a fundraising scale of up to $990 million and a valuation approaching $4.8 billion.

Wall Street giants such as BlackRock and Cathie Wood are betting on it, combined with a warming regulatory environment in the U.S., this listing is seen as another barometer for the crypto capital market this year.

Significant Price and Volume Increase, Institutional Enthusiasm High

As mentioned in an earlier article, according to the latest filing with the U.S. Securities and Exchange Commission (SEC), Bullish will issue 30 million shares and grant underwriters an option to issue an additional 4.5 million shares within 30 days, with the offering price range set at $32 to $33 per share.

Compared to the previously planned 20.3 million shares with an offering price range of $28 to $31 per share, both the scale and price of the offering have been significantly increased. This also boosts Bullish's potential fundraising amount from approximately $629 million to $990 million, an increase of nearly 60%.

This IPO has attracted participation from many heavyweight institutions.

BlackRock and Cathie Wood's ARK Investment Management have expressed interest in subscribing to up to $200 million worth of shares at the offering price, providing a solid cornerstone investment for the IPO.

The underwriting lineup is also quite luxurious, led jointly by JP Morgan, Jefferies, and Citigroup.

From EOS to Bullish, History and Reinvention

The story of Bullish does not start from scratch.

Behind it is the established company in the crypto industry, Block.one— which raised over $4 billion through the EOS project between 2017 and 2018, setting the record for the largest ICO in history. At that time, the EOS token once soared to nearly $19, but now it is only $0.54, reflecting the harsh reality of the project lifecycle in the crypto space.

In the latest filing, Bullish disclosed that Block.one has transferred its remaining shares to a company associated with its CEO Brendan Blumer and has transferred a $500 million loan to a company in the Cayman Islands.

Bullish acknowledged in the filing that this history may bring complexities in terms of licensing and approvals in some markets. However, in the current context of the U.S. government shifting to support the crypto industry, this "burden" feels more like a reminder rather than an obstacle.

Bullish primarily offers digital asset trading and liquidity services aimed at institutional clients, covering over 50 jurisdictions (excluding the U.S. market). In November 2023, the company spent $72.6 million to acquire the crypto media CoinDesk, which is the second-largest crypto media outlet globally, with an average monthly unique visitor count approaching 4.9 million in 2024 The prospectus shows that the company plans to convert part of its IPO funds into dollar-denominated stablecoins to enhance trading liquidity and platform development.

Bullish announced its plan to go public through a SPAC merger in 2021, with a valuation that once reached $9 billion, but canceled the transaction in 2022. Now, it is returning to the capital market through a traditional IPO.

The wave of crypto IPOs is surging, and the crypto space is becoming increasingly crowded

Bullish is not alone in this endeavor. Since 2024, the enthusiasm for IPOs and listings among crypto companies has significantly increased:

• Stablecoin issuer Circle successfully went public in June this year, raising nearly $900 million and significantly increasing its market value;
• Mike Novogratz's Galaxy Digital listed on Nasdaq in May;
• Trading and investment platform eToro opened public trading;
• BitGo and Gemini have also submitted applications for U.S. listings;
• Leading exchanges like Kraken and OKX are preparing for IPOs in the U.S.

Behind the market enthusiasm is favorable U.S. policy. In July this year, U.S. President Trump signed the stablecoin bill (GENIUS Act), and Congress passed two bills related to market structure and anti-central bank digital currency before recess, clearing some regulatory hurdles for the development of crypto financial institutions.

Despite successful fundraising, Bullish faces intense competition in the secondary market. Industry giants like Coinbase and Binance, along with a number of emerging exchanges with low fees and high liquidity, are competing for market share.

In Bullish's prospectus, the term "competition" appears 32 times, highlighting the management's clear awareness of survival pressure.

For Bullish, shedding historical burdens is just the first step; the real test lies in whether it can win in the crowded and price-war-prone trading platform market in the future