Cryptocurrency exchange Bullish announced that it is targeting a valuation of up to $4.23 billion for its US IPO.
Cryptocurrency exchange Bullish announced that it is targeting a valuation of up to $4.23 billion for its US IPO.
Bullish began its investor outreach to capitalize on the momentum generated by growing interest in digital assets and regulatory clarity. The Trump administration’s friendly crypto policies and recently passed regulations like the GENIUS Act have provided the initial framework specifically for stablecoins and instilled confidence in the sector.
Under the IPO, Bullish aims to raise up to $629.3 million by issuing 20.3 million shares priced between $28 and $31 per share. This will be the company’s second IPO in four years.
Based on the set upper price range, the company will trade 52% below its targeted $9 billion valuation in 2021. At the time, Bullish planned to go public through a SPAC merger, but canceled the process in 2022, citing regulatory hurdles.
Matt Kennedy, senior strategist at Renaissance Capital, noted that when IPO marketing begins, bankers prefer to keep the valuation low and then price it upward, which is perceived more positively than a reverse price correction.
Bullish, backed by billionaire investor Peter Thiel, announced plans to convert a significant portion of the IPO proceeds into dollar-denominated stablecoins. This conversion will be conducted through one or more stablecoin issuers.
Stablecoin issuer Circle, which opened strongly on the New York Stock Exchange in June, is currently trading 400% above its IPO price.
A Platform Focused on Institutional Investors
Led by CEO Thomas Farley, formerly the chairman of the New York Stock Exchange, Bullish operates as a crypto trading platform targeting institutional investors. The company also owns crypto news site CoinDesk, which it acquired from Barry Silbert’s Digital Currency Group in 2023.
Meanwhile, Coinbase, the largest publicly traded crypto exchange, reported a decline in its second-quarter adjusted earnings last week. Its share price fell by approximately 17% due to a slowdown in trading volume. However, the company reported an increase in portfolio revenue.
