Crypto exchange Bullish launches an IPO roadshow aiming for a valuation of $4.23 billion. The exchange, previously backed by Peter Thiel, is tapping into the new regulatory framework that allows for crypto entities in the US.
IPO Launch and Valuation
Bullish has kicked off its IPO roadshow with hopes of reaching a valuation of $4.23 billion, as reported by Reuters. The exchange, once backed by Peter Thiel, is entering the market amidst a new favorable regulatory environment for crypto in the USA.
Plans for Fund Utilization
Bullish plans to raise $629 million and inject the funds into the crypto market in the form of stablecoins. The exchange has not provided details regarding the purchase of stablecoins from various issuers.
History of Public Listing Attempts
Bullish previously attempted to go public in 2021, but that effort fell through. The exchange aims to access traditional financial markets, joining several other exchanges like Kraken and Gemini that are also planning IPOs.
Bullish's launch of the IPO roadshow seeks to capitalize on improved conditions for crypto entities in the US. This latest attempt to enter the market underscores the growing interest in cryptocurrencies and their integration into traditional financial systems.
