Bullish targets $4.23B IPO in US, aims to raise $629M for stablecoin buys

Crypto exchange Bullish is targeting a US-based IPO, for a valuation of up to $4.23B. The exchange, backed by Peter Thiel in the past, will start marketing its IPO in a roadshow, tapping the recent regulatory clarity for US crypto entities. 

The crypto exchange Bullish is starting an IPO roadshow, hoping for a $4.23B valuation, reported Reuters. The market operator, formerly backed by Peter Thiel, is tapping the newly crypto-friendly climate in the USA. 

The exchange hopes to raise $629M and inject the funds into the crypto market in the form of stablecoins. Bullish stated it would use the proceeds to buy stablecoins from several issuers, without specifying details. 

With the latest raise attempt, Bullish joins a long list of exchanges seeking access to the traditional financial markets. IPO are expected for Kraken, Gemini, and crypto custodian BitGo.

Starting off with the Circle IPO, crypto companies have ushered in a new public sale season, breaking away from the habitual fundraising through crypto. 

The Bullish exchange is one of the oldest market operators, after being seeded $9.3B in BTC by BlockOne. The exchange launched in 2020, benefitting from its unprecedented BTC funding. Bullish is headed by Tom Farley, the former president of the New York Stock Exchange. The company still holds over $139M in various crypto assets on its hot wallets, and reportedly controls 24,000 BTC from its early funding.

Bullish filed amended IPO disclosure

Bullish.com filed a preliminary IPO disclosure, which did not specify the intended raise, number of shares, or valuation. The amended filing reveals the exchange plans to place 20.3M shares at a nominal value of $0.002 per share, and an IPO price between $28 and $31. The company plans to list ordinary shares on the NYSE, using the ticker BLSH.

The exchange listed J. P. Morgan, Citigroup, Deutsche Bank Securities, Société Générale, and others as the IPO underwriters. The underwriters will have the option to buy 3,045,000 ordinary shares at the IPO price. Bullish also reported BlackRock-related entities and investors have expressed interest in purchasing up to $200M of the IPO shares, though the agreement is not binding.

Despite the earlier filing, Bullish has finally picked up its IPO roadshow, following the launch of the US Genius Act. The new legislation allows for a clear creation of stablecoins, potentially bringing a new wave of issuers. 

The Genius act is still new and is considered an untested proposition on the creation of stablecoins. The new legislation is more lenient about launching private stablecoins if they are backed with sufficient approved reserves. 

Bullish.com makes second attempt at going public

Bullish.com attempted to go public in 2021, seeking a SPAC deal, which fell through. During the 2021 bull market, the exchange tried to raise up to $9B to acquire a shell company and go public. The exchange itself is also a Tier 4 investment fund, with a total of five deals. The market operator has spread to several niches, including the acquisition of crypto media company CoinDesk. 

The exchange has already spread worldwide, achieving over $800M in daily trades and up to $2.9B on busier days in 2025. The market operator is quick to track regulatory developments, securing access to the markets in the US, Germany, Hong Kong, and Gibraltar to tap multiple regions. 

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