Key Takeaways
Bullish aims to raise up to $629 million in its IPO at a $4.2 billion valuation.
The firm plans to convert IPO proceeds into stablecoins through partnerships with token issuers.
Peter Thiel-backed crypto exchange Bullish plans to raise up to $629 million in its initial public offering (IPO), targeting a valuation of up to $4.2 billion, according to a Monday SEC filing.
The filing comes after the company, which serves institutional crypto traders and owns media outlet CoinDesk, formally filed for a US IPO with the SEC last month.
Bullish is offering 20.3 million shares on the NYSE under the ticker “BLSH,” with a price range of $28 to $31 each, as shared in the new filing.
BlackRock’s funds and ARK Investment Management have indicated interest in purchasing up to $200 million of shares at the IPO price, though these expressions are not binding commitments.
The company plans to convert a significant portion of the IPO proceeds into US dollar-denominated stablecoins through partnerships with token issuers. The move comes as crypto companies benefit from recent regulatory developments, including the passage of the GENIUS Act, which provides an initial framework for stablecoins.
This is Bullish’s second attempt to go public. The company previously pursued a $9 billion merger with a Special Purpose Acquisition Company (SPAC) in 2022, but the deal was called off due to unfavorable market conditions and heightened regulatory scrutiny.