Bullish IPO target raised to $4.82 billion, plans to convert fundraising into stablecoins

According to news from HashKey, Bullish, a cryptocurrency exchange backed by Peter Thiel, has raised its IPO target valuation to $4.82 billion, planning to issue 30 million shares, priced between $32 and $33 per share, with a fundraising goal of up to $990 million. The prospectus shows that Bullish plans to convert most of the funds raised from the IPO into US dollar stablecoins, with specific partners for issuance yet to be disclosed. Some funds under BlackRock and ARK Investment plan to purchase up to $200 million in shares. Bullish has already obtained regulatory approvals from the United States, Germany, Hong Kong, and Gibraltar, and owns CoinDesk media.