Bullish Raises IPO Target to $4.82 Billion, Plans to Convert Fundraising into Stablecoins

PANews August 11 news, according to TechStartups, Peter Thiel-supported crypto exchange Bullish has raised its IPO target valuation to $4.82 billion, planning to issue 30 million shares with a pricing range of $32 to $33 per share, aiming to raise approximately $990 million. The prospectus shows that Bullish intends to convert the majority of the IPO proceeds into USD stablecoins, with specific partnering issuers undisclosed. Some funds under BlackRock and ARK Investment plan to subscribe for up to $200 million in shares. Bullish has received regulatory approvals from the US, Germany, Hong Kong, and Gibraltar and holds CoinDesk media.