Bullish Exchange Eyes $4.2B Valuation, Plans Stablecoin Conversion
Bullish Exchange Aims for $4.2 Billion Valuation in IPO
Peter Thiel-backed crypto exchange, Bullish, is making another push to go public, aiming to raise up to $629 million in its initial public offering (IPO) at a valuation of $4.2 billion. This information comes from a recent SEC filing, marking a significant step for the company that also owns media outlet CoinDesk.
Key Takeaways
- Bullish aims to raise up to $629 million in its IPO at a $4.2 billion valuation.
- The firm plans to convert IPO proceeds into stablecoins through partnerships with token issuers.
IPO Details and Investor Interest
Bullish plans to offer 20.3 million shares on the NYSE under the ticker “BLSH,” with a price range of $28 to $31 per share, according to the SEC filing. The company is targeting institutional crypto traders with its exchange platform.
Notably, major players like BlackRock’s funds and ARK Investment Management have shown interest in purchasing up to $200 million worth of shares at the IPO price. However, these expressions of interest are non-binding.
Strategic Stablecoin Conversion
A key element of Bullish's strategy is to convert a significant portion of the IPO proceeds into US dollar-denominated stablecoins. This will be achieved through partnerships with various stablecoin issuers. This move aligns with recent regulatory developments, including the passage of the GENIUS Act, which offers a preliminary framework for stablecoins.
Previous Attempt and Market Context
This IPO attempt follows a previous plan in 2022 to merge with a Special Purpose Acquisition Company (SPAC) at a $9 billion valuation. However, the deal was called off due to unfavorable market conditions and increased regulatory scrutiny.
As companies navigate the complexities of token launches, understanding regulatory frameworks is critical. Platforms like Codeum can help in navigating the security and compliance landscape.