Bullish plans to raise $629.3 million by offering 20.3 million shares priced between $28 and $31 in a U.S. IPO.
The exchange targets a $4.23 billion valuation, down 52% from its 2021 SPAC attempt canceled due to regulatory uncertainty.
A large portion of proceeds will convert into U.S. dollar-backed stablecoins with help from one or more trusted stablecoin issuers.
Peter Thiel-backed crypto exchange Bullish has officially filed to raise up to $629.3 million in a U.S. initial public offering, targeting a valuation of $4.23 billion. The exchange disclosed these figures in an SEC filing released on Monday, signaling its second attempt to go public within four years.
https://twitter.com/Cointelegraph/status/1952535166255092158
Bullish Aims for Strategic Entry Amid Improved Regulatory Climate
Bullish is launching its IPO roadshow as crypto markets respond to recent policy shifts favoring digital asset growth. With companies in the space gaining renewed investor interest, Bullish looks to capitalize on the clarity provided by the GENIUS Act, which lays foundational rules for stablecoins and related digital assets.
According to the filing, the company plans to sell 20.3 million shares priced between $28 and $31. At the top end of that range, the listing would represent a steep discount—over 52% lower than the $9 billion valuation targeted in its previously canceled 2021 SPAC merger. That deal was called off in 2022 due to unresolved regulatory hurdles.
Renaissance Capital’s senior strategist Matt Kennedy noted that IPO valuations are often deliberately conservative during the marketing phase to avoid pricing mismatches. This strategy may support positive early trading momentum.
Use of Proceeds and Focus on Stablecoins
A notable feature of Bullish’s plan is the intended conversion of a large portion of the IPO proceeds into U.S. dollar-backed stablecoins. According to the filing, the exchange will partner with one or more stablecoin issuers to enable them to convert their assets, although no particular issuers were specified.
The move aligns with recent trends, including Circle Internet’s strong public market debut. Circle, a major stablecoin issuer, now trades at over four times its IPO price. The stablecoin strategy signals Bullish’s intent to reinforce liquidity and support its institutional-grade trading infrastructure.
Institutional Strategy and Recent Financials
Bullish operates a digital asset exchange focused on institutional clients and is led by CEO Thomas Farley, the former president of the New York Stock Exchange. The company is positioning itself as a stable and compliant platform amid rising institutional demand for secure crypto trading venues.
In Q1 2025, Bullish posted a net loss of $349 million, compared to a $105 million profit during the same quarter last year. The loss was attributed to a drop in the fair value of its crypto holdings.
The exchange also owns CoinDesk, having acquired the crypto news site from Digital Currency Group in 2023 as part of its broader strategic expansion.
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