The Institutional Crypto platform Bullish is preparing for a big step towards Wall Street. The company wants to collect hundreds of millions through an IPO and thereby receives support from heavyweights such as BlackRock and Ark Invest.
Bullish is aiming for billions of appreciation at IPO
According to a new submission to the American stock market watchdog SEC, Bullish wants to offer 20.3 million shares at a price between 28 and 31 dollars each. The proceeds from the IPO can amount to $ 629.3 million, which means a total valuation of 4.2 billion dollars in the highest rate.
The shares are noted under the ‘BLSH’ ticker symbol. Large asset managers such as BlackRock and Ark Invest would intend to buy shares for around $ 200 million.
Bullish owns billions in Crypto
The platform is mainly aimed at institutional investors and offers trade in Bitcoin (BTC) and Ethereum (ETH), among others. According to the submission to the SEC, Bullish has more than $ 3 billion in cash. This includes 24,000 BTC, 12,600 ETH and hundreds of millions in Stablecoins and cash.
The company also expects a net profit of $ 106 to 109 million in the second quarter, although these figures have not yet been officially confirmed.
Trump policy stimulates crypto companies towards the Beurs
Bullish is not the first crypto company that makes the step to the stock exchange. Earlier this year, Stablecoin publisher Circle already went to the NYSE successfully, while the Etoro trading platform was also noted on the Nasdaq in May.
According to analysts, President Donald Trump’s positive attitude towards crypto is an important reason for these developments. Since his re -election in January, there have been several signals that the US government offers more room for cryptoinnovation.
A concrete example is the recent signing of the Genius Act, a law that lays down rules for issuing Stablecoins and at the same time protects consumers by imposing stricter reserve requirements.
Source: https://newsbit.nl/crypto-bedrijf-bullish-wil-tot-629-miljoen-dollar-ophalen-met-aandelenverkoop-in-new-york/
