Peter Thiel-backed crypto exchange Bullish has filed for an initial public offering (IPO) in the U.S. aiming to raise up to $629 million. This marks a return to the public markets after its previous SPAC merger plans were scrapped in 2022.
IPO Plans and Valuation
Bullish has filed for an IPO seeking to raise $629 million with a business valuation of $4.23 billion. This event follows improvements in the regulatory environment surrounding cryptocurrencies in the United States.
Strategic Use of Funds
The company plans to convert a significant portion of the raised funds into USD stablecoins. This move highlights Bullish’s confidence in digital assets and their role in liquidity management.
CoinDesk Acquisition and Its Significance
In addition to the IPO news, Bullish recently acquired CoinDesk, which may provide it with an edge in market intelligence and user engagement. This emphasizes the company's ambition to expand its influence beyond a cryptocurrency trading platform.
Bullish seems well-positioned for a significant impact on the future of regulated cryptocurrency trading, backed by figures like Peter Thiel and the evolving U.S. regulatory landscape.
