Peter Thiel-backed crypto exchange Bullish has filed for a U.S. IPO. The company wants to raise up to $629 million. It aims for a valuation of $4.23 billion. Bullish is offering 20.3 million shares. The price range sits between $28 and $31 each. The firm plans to list on the New York Stock Exchange under the symbol “BLSH.”
This is the second try of Bullish at a public offering. The first one, as part of a SPAC merger, fell apart in 2022. The company had sought a valuation of $9 billion at the time. It called off the deal as it faced pressure from regulators. The IPO now aims at a valuation just over 52% lower than that.
Bullish relaunches its listing at a favorable policy climate. Policies like the GENIUS Act have eased the early regulation of stablecoins. It comes at a time when Washington becomes more favorable to crypto innovation. The GENIUS Act provides clearer directives to firms that deal in digital dollars.
IPO Funds to Be Converted into Stablecoins by Bullish
Bullish will invest part of the IPO proceeds in U.S.-dollar stablecoins. It’ll do so through the help of one or more token issuers. Stablecoins achieve price stability for crypto holdings. Companies are becoming more interested in them as part of enhanced risk management.
The company also owns CoinDesk, a publication focused on digital assets. It was acquired by Bullish from Digital Currency Group in 2023. CoinDesk provides Bullish with greater presence in reporting as well as trading. Bullish is managed by Thomas Farley.
He once served as president of the New York Stock Exchange. Bullish has mainly institutional clients. Advanced crypto services and trading tools are offered on the website. Financially, the company reported a loss of $349 million in the last quarter.
Bullish IPO to Test Investor Confidence in Crypto Sector
This compares to a $105 million profit during the same time a year ago. The drop corresponds to a drop in the value of its virtual currencies on the market. Other major crypto firms suffered declines as well. Coinbase, for one, had lower profits recently. Its share fell by nearly 17% as volumes decreased on the trading platforms.
Still, sector investors remain optimistic about the sector. Experts are of the view that the success of Bullish’s IPO would remain dependent on its core efficiency as well as profitability. Experts are advocating long-term value as against short-term market changes.
J.P. Morgan, Citigroup, and Jefferies are coming together to underwrite the IPO. By its dual trading and media model, Bullish wants to build investor confidence. Its initial public offering may alter the manner of how crypto firms make their presence on Wall Street felt.
