Tristan is a technology journalist and editorial leader with 8 years of experience covering science, deep tech, finance, politics, and business. Before joining Coinspeaker, he wrote for Cointelegraph and TNW.
Key Notes
- The exchange targets a $4.2 billion valuation, significantly lower than its abandoned $9 billion goal from 2021.
- Major underwriters including JP Morgan and Citigroup will help convert substantial IPO proceeds into stablecoins.
- This offering follows Circle's successful $1.05 billion IPO amid growing crypto-friendly US regulatory environment.
Bullish, a cryptocurrency exchange based in the Cayman Islands, looks to raise $629.3 million through an initial public offering (IPO) in the US.
The company backed by billionaire Peter Thiel, intends to trade under the symbol “BLSH,” and will offer 20.3 million shares priced between $28 and $31 each. It is seeking a valuation of $4.2 billion, according to a Form F-1 SEC filing dated Aug. 4.
A previous IPO attempt occurred shortly after the company’s founding in 2021. At the time, it sought a $9 billion valuation. Ultimately, the bid to go public was shuttered in 2022 when company executives called off the offering after determining the process was taking too long.
Its current attempt comes at an expected valuation of less than half the 2021 attempt.
Second Time’s the Charm: IPO Proceeds Target Stablecoin Conversion
As Coinspeaker recently reported, the exchange filed confidential paperwork for its current IPO with regulators on July 11.
Beyond the pricing and valuation details, the newly released Form F-1, filed on Aug. 4, sheds light on further details of the IPO. It includes mention that Bullish will direct the underwriters, which include JP Morgan, Jefferies Group, and Citigroup, to convert a “significant portion” of the net proceeds of the sale into stablecoins.
This could prove a boon to stablecoin issuers. Especially as it follows the recent successful IPO from Circle that raised $1.05 billion. It also comes amid a flurry of crypto-positive legislation and subsequent market activity in the US as the ramifications of the Donald Trump administration’s passage of the GENIUS Act begin to ripple throughout the cryptocurrency industry and the financial markets.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
