Bullish, a digital asset exchange operator, has raised its IPO target valuation to approximately $990 million, a nearly 60% increase reflecting positive investor interest in crypto-related stocks. The firm plans to sell 30 million shares priced between $32 and $33 each, potentially debuting with a market capitalization of around $4.8 billion. The IPO is supported by major Wall Street firms including JPMorgan, Jefferies, and Citigroup. Institutional investors such as subsidiaries of BlackRock and ARK Investment Management have already expressed interest. Bullish cites rising activity in digital asset markets and increasing adoption by traditional financial institutions, including Fidelity and JPMorgan, as catalysts for its IPO. The company has also expanded into crypto media, acquiring a media outlet for $72.6 million. The broader institutional interest in digital assets is evidenced by the surge in inflows into Bitcoin and Ethereum exchange-traded funds and the growing number of public companies adding cryptocurrencies to their treasuries. Overall, Bullish aims to leverage strong market sentiment as it prepares for its IPO.

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