Peter Thiel-Backed Bullish Files for $629M IPO in Major Crypto Market Move
Key Highlights:
Targeting $629M raiseย at $28-$31 per share (20.3M shares)
$4.2B valuationย for the institutionally-focused crypto platform
JPMorgan & Jefferiesย leading the underwriting
Comes after Circle's successful IPO (+500% post-listing)
IPO Details & Market Timing
Bullish (owner of CoinDesk) has officially filed for its IPO after confidentially submitting in June. The move capitalizes on:
๐ย Strong crypto market cycle
๐ย Circle's recent IPO successย (500%+ surge)
๐ผย Growing institutional crypto demand
CEOย Tom Farleyย stated:
"We believe digital assets are entering their next growth phase... Becoming public builds credibility with regulators and unlocks strategic opportunities."
Bullish's Strategic Position
๐นย Institutional focus: Market infrastructure & trading services
๐นย Owns CoinDesk: Leverages its media/research arm in prospectus
๐นย Backed by heavyweights: Peter Thiel, Alan Howard, Mike Novogratz
๐นย Parent company: Block.one (raised $10B in 2021)
Crypto IPO Wave Gains Momentum
Bullish joins a surge of crypto firms going public:
โขย Grayscale: Filed confidential IPO paperwork
โขย Kraken: Targeting 2026 IPO at $15B valuation
โขย Circle: Current market cap ~$12B after explosive debut
Why This Matters:
As the first majorย crypto-native trading platform IPOย since Coinbase, Bullish's debut could:
โ
Validate institutional crypto adoption
โ
Set valuation benchmarks for competitors
โ
Signal broader public market acceptance of crypto businesses
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