Crypto exchange operator Bullish, owner of CoinDesk, raised $1.1 billion in its New York Stock Exchange debut after pricing its IPO above the marketed range.
The company sold 30 million shares at $37 each, valuing it at about $5.4 billion. Initially pitched at $32–$33, the offer was more than 20 times oversubscribed, prompting Bullish to increase both the size and price.
BlackRock and ARK Investment Management expressed interest in up to $200 million of shares.
Led by former NYSE president Tom Farley, Bullish offers spot, margin and derivatives trading for institutional clients.
Co-founder Brendan Blumer will own 30.1% post-offering, with Kokuei Yuan holding 26.7%.
Trading begins Wednesday under the ticker BLSH.