Bullish, a cryptocurrency exchange backed by Peter Thiel, has filed for an IPO on the NYSE with a target valuation of $4.23 billion.
IPO Filing and Valuation Target
Bullish has filed for an IPO on the New York Stock Exchange, aiming for a valuation of approximately $4.2–$4.3 billion. The exchange plans to raise $599 to $629 million by offering 20.3 million shares.
Institutional Interest in Shares
The IPO is led by CEO Thomas W. Farley, a former NYSE President. Major institutional investors such as BlackRock and ARK Investment Management have expressed interest in acquiring up to $200 million worth of shares, highlighting confidence in Bullish and its stablecoin-centric infrastructure.
Regulatory Support and Bullish's Future
Bullish intends to strengthen its position in the cryptocurrency exchange market. The company reported $167 million in revenue over the past year and a trading volume exceeding $1.25 trillion. The recent support from the GENIUS Act, which facilitates listings for digital asset firms in the U.S., may bolster the success of the IPO. "Bullish was founded in 2020 with the vision to build an institutional-grade global exchange enabling optimized execution powered by a customizable, compliance-first infrastructure," said Thomas W. Farley.
The interest in Bullish's IPO from significant institutional investors signals growing confidence in digital assets and may reshape industry norms. The success of this offering is anticipated to have a substantial impact on the company's future and the cryptocurrency market as a whole.
