Bullish, an institutionally focused crypto exchange backed by billionaire Peter Thiel, is looking to go public in the United States at a valuation of $4.23 billion.
Summary
- Bullish is offering 20,300,000 ordinary shares at between $28 and $31 per share.
- The Peter Thiel-backed crypto exchange joins top crypto companies already listed or seeking U.S. IPO
Bullish has launched its initial public offering in the United States and seeks to offer 20,300,000 ordinary shares.
According to a filing on Monday, Bullish expects to tap into growing interest in digital assets to raise up to $629 million at a valuation of $4.23 billion. The crypto exchange has revealed an IPO pricing of between $28 and $31 per ordinary share and will use proceeds for general corporate and working capital operations, including future acquisitions.
“The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or other terms of the offering,” the exchange noted.
Shares of the company will list on the New York Stock Exchange under the ticker symbol “BLSH.”
Crypto companies and IPO momentum
Bullish has filed for listing on the NYSE just days after announcing its registration of Form F-1 with the U.S. Securities and Exchange Commission in July.
The platform’s plans align with overall bullishness across the digital asset industry as the U.S. takes major steps towards regulatory clarity for cryptocurrencies. Recent milestones include the landmark GENIUS Act and SEC’s launch of Project Crypto.
Crypto giants that currently trade publicly in the U.S. include Coinbase and stablecoin issuer Circle, which went live on the NYSE in June. CRCL surged on debut and continues to trade more than 400% above its listing price despite overall crypto turbulence.
Trading platform also listed on Nasdaq in June, while Grayscale Investments has submitted an S-1 registration with the SEC. OKX and BitGo are also weighing up IPOs.
Bullish, which is making a second attempt at going public, hopes to tap into this momentum. Apart from the United States, the exchange is regulated in Germany, Hong Kong, and Gibraltar.
