Bullish Bounces into Billion-Dollar Club with BlackRock’s Wink and a Nod!

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Oh, the audacity! Cryptocurrency exchange operator and media mogul, Bullish, has the gall to plan a US initial public offering (IPO) that could raise anywhere from $568 million to $629 million. And just who do they think they are, you ask? Well, they’ve already got the bigwigs like BlackRock and ARK Investment Management salivating over a piece of the pie. 🍕

Not even a fortnight after their initial IPO submission, Bullish waltzed into the US Securities and Exchange Commission (SEC) with an updated F-1 document, twirling their mustache and declaring they’ll issue 20.3 million shares. This little dance could potentially puff up their valuation to a whopping $4.2 billion! 💸

If the SEC gives them the green light, Bullish shares might start prancing around on the stock market as early as August 12. Can you imagine? A bunch of digital tokens and media fluff valued at over four billion dollars! 🤯

But wait, there’s more! Investment accounts managed by subsidiaries of BlackRock and ARK Investment Management have shown a keen interest in buying up to $200 million worth of stock at the IPO price. It’s like a digital treasure hunt, but instead of gold, they’re after these shiny new shares. 🏴‍☠️

Bullish plans to take a chunk of the IPO proceeds and turn it into US dollar-denominated stablecoins. Because, why keep your money in boring old cash when you can turn it into digital fairy dust? ✨

This digital asset platform, designed for the fancy pants of the institutional world, is available in more than 50 jurisdictions—everywhere except the good ol’ US of A. But Bullish didn’t stop there; they dipped their toes into the crypto media scene in November 2023 by gobbling up CoinDesk from Digital Currency Group for a cool $72.6 million. CoinDesk, now the second-largest crypto media outlet by readership, boasts an average of 4.9 million unique monthly viewers in 2024. Impressive, isn’t it? 📈

Crypto IPOs on the Rise: A Circus of Capitalism

Bullish isn’t alone in this mad dash for the IPO finish line. Oh no, it’s a whole circus of capitalism out there! In July, digital asset custodian BitGo filed for a US public offering, though they were a bit coy about the details. 🙊

Then, just last week, CryptoMoon broke the news that crypto exchange Kraken is plotting to raise $500 million through an IPO that could inflate the company’s valuation to about $15 billion. That’s a far cry from their previous valuation of roughly $11 billion. Talk about a balloon animal!🎈

And let’s not forget about OKX, another crypto exchange, which is reportedly gearing up for a US IPO after a grand relaunch of its services in the country. It’s like a parade of digital elephants, each one trying to outdo the other with their impressive trunks and tusks. 🐘

One of the biggest success stories of the year has been stablecoin issuer Circle, which saw its market cap soar to the heavens after launching its CRCL shares. Before going public, Circle cleverly upped its IPO target to nearly $900 million, riding the wave of strong institutional demand. 🌊

The recent flurry of crypto IPOs coincides with significant regulatory progress in the United States and a growing appetite among institutions for digital assets. Last month, US President Donald Trump signed the GENIUS Act, a crucial piece of stablecoin legislation, into law. Meanwhile, the House of Representatives passed two more bills focused on market structure and anti-CBDC measures, just before heading off for their August recess. 🏖️

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2025-08-04 19:09