Bullish, a crypto exchange backed by billionaire venture capitalist Peter Thiel, is making significant strides toward its initial public offering (IPO), targeting a valuation of up to $4.23 billion.
This move comes as the US experiences a shift in regulatory conditions under the pro-crypto administration of President Donald Trump. This shift is bolstered by supportive policies, such as the recently passed GENIUS Act, which paves the way for the United States to become the global hub for crypto.
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In its latest filing, Bullish announced plans to raise approximately $629.3 million by offering 20.3 million shares priced between $28 and $31 each. This marks the company’s second attempt to go public in four years, following a previous blank-check merger attempt in 2021 that was ultimately scrapped due to regulatory challenges.
According to a recent Reuters report, at the upper end of its proposed price range, the crypto exchange’s valuation would represent a more than 52% discount to its earlier $9 billion target.
Matt Kennedy, a senior strategist at Renaissance Capital, noted that during the IPO marketing process, bankers typically prefer to set conservative valuations initially, allowing for potential upward adjustments rather than risk overshooting and needing to lower prices.
In its filing, Bullish also indicated plans to convert a significant portion of the IPO proceeds into US-dollar-denominated stablecoins, collaborating with one or more dollar-pegged cryptocurrency issuers to facilitate this transition.
This strategy aligns with the growing momentum of digital assets, particularly following Circle Internet’s debut on the New York Stock Exchange (NYSE), where it now trades at over 400% of its initial IPO price at $164.
Crypto Exchange Reports $349 Million Loss Amid IPO Plans
Bullish is positioned as a crypto-trading platform primarily targeting institutional investors. The company is led by Thomas Farley, who previously held the role of president at the New York Stock Exchange.
In addition to its exchange operations, Bullish also owns CoinDesk, a crypto news website that it acquired from Barry Silbert’s Digital Currency Group (DCG) back in 2023.
Despite its ambitious plans, Bullish reported a $349 million loss for the quarter ending March 31, a stark contrast to the $105 million profit it posted the previous year.
Per the report, the company aims to list on the NYSE under the ticker symbol “BLSH,” with JPMorgan, Jefferies, and Citigroup serving as lead underwriters for the initial public offering.
This announcement follows a series of moves in the crypto sector, including Mike Novogratz’s Galaxy Digital, which began trading on the Nasdaq after relocating from the Toronto Stock Exchange, and Gemini, which recently filed confidentially for a US IPO.
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