Cayman Islands-based cryptocurrency exchange Bullish aims to raise $629.3 million through a US IPO, offering shares at $28-31 each under “BLSH” symbol with plans to convert proceeds into stablecoins.
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.
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