Peter Thiel-backed Bullish targets $629 million NYSE IPO
Crypto exchange Bullish, backed by Peter Thiel, is aiming to raise $629.3 million in an IPO on the NYSE this August.
They're offering 20.3 million shares at $28-$31 each under the ticker "BLSH," with big banks like J.P. Morgan and Citigroup backing the deal.
Major crypto trading platform
Bullish runs a major crypto trading platform and owns CoinDesk, a well-known crypto news site.
Since launch, they've handled $1.25 trillion in trades and reported $167 million in revenue for the past year.
The company holds over $3 billion in liquid assets—including 24,000 Bitcoin, 12,600 Ethereum, and plenty of cash and stablecoins.
SPAC attempt and regulatory framework
After a failed SPAC attempt in 2021 that targeted a higher valuation, Bullish is now going public at around $4.2 billion.
Most of the IPO funds will be converted into US dollar-backed stablecoins to keep things steady—following the GENIUS Act, which provides a regulatory framework—showing how much more mainstream crypto is becoming with support from global investors like Founders Fund and Nomura.