Cryptocurrency exchange Bullish has filed to hold an initial public offering (IPO) and is targeting a valuation of up to $4.23 billion U.S. in its listing.
Bullish is seeking to capitalize on the current momentum around digital assets such as Bitcoin (BTC) and Ethereum (ETH).
Bullish plans to list on the New York Stock Exchange (NYSE) under the ticker symbol “BLSH.”
Major stablecoin-issuer Circle Internet Group (CRCL) had a successful debut on the NYSE in June and currently trades at more than 400% of its IPO price.
In its IPO prospectus, Bullish said that it is seeking to raise up to $629.3 million U.S. by offering 20.3 million shares priced between $28 U.S. and $31 U.S. each.
Bullish is backed by billionaire Peter Thiel and plans to convert a significant portion of the IPO proceeds to U.S.-dollar-denominated stablecoins.
This is the company’s second attempt at going public in the last four years.
Bullish was valued at $9 billion U.S. in a 2021 special purpose acquisition company (SPAC) deal that it later called off due to regulatory issues.
Bullish operates a crypto-trading exchange targeted at institutional investors and also owns the cryptocurrency news website “CoinDesk,” which it acquired in 2023.
Bullish swung to a $349 million U.S. loss in this year’s first quarter compared with a profit of $105 million U.S. a year earlier, reflecting a fall in the value of its cryptocurrency holdings.
JPMorgan Chase (JPM) and Citigroup (C) are the lead underwriters on the IPO.
