Bullish, a crypto asset platform supported by Peter Thiel, has applied for an Initial Public Offering (IPO) in the U.S., valuing itself at $4.23 billion.
Bullish's IPO Approach
Bullish plans to offer 20.3 million shares at a price range of $28 to $31, aiming to raise up to $629 million in capital. A significant portion of the funds will be directed towards investments in U.S. dollar-backed stablecoins. The anticipated IPO in the U.S. affirms that crypto-focused platforms can sustain their growth through institutional investments.
BitMine's Ethereum Strategy
The company BitMine, also backed by Thiel, has taken significant position in Ethereum, becoming the largest Ethereum treasury holder in the world with over $3 billion in ETH. Recently appointed chairman Tom Lee revealed that BitMine aims to acquire 5% of the total ETH supply.
Prospects of Crypto Industry Integration
BitMine's strategy to manage 5% of Ethereum's supply, similar to MicroStrategy's position in Bitcoin, is expected to lead to increased regulation and a greater role for traditional financial institutions in the crypto ecosystem. A stronger presence of large institutions in crypto assets may provide more transparency and financial depth to the market.
Overall, Bullish's IPO and BitMine's Ethereum strategy highlight the growing importance of institutional investments in the crypto industry and its integration with traditional financial markets.
