Crypto Powerhouse Aims for $4.23B Blockbuster IPO—Wall Street Take Notice
A bullish crypto exchange is charging toward Wall Street with a valuation that’ll make traditional finance sweat. $4.23 billion? That’s not a typo—it’s a statement.
Why this IPO matters
Forget ‘quiet money.’ This isn’t some niche player—it’s a full-throttle bid for mainstream legitimacy. The timing? Either brilliantly opportunistic or hilariously tone-deaf (depending on which hedge fund manager you ask).
The cynical take
Let’s see how long it takes for the suits to start calling it ‘disruptive’ while quietly shorting it. Welcome to the big leagues—where the only thing more volatile than crypto is Wall Street’s hypocrisy.
Stablecoin Strategy and Institutional Focus
Moreover, Bullish plans to convert a large share of the IPO proceeds into U.S.-dollar stablecoins. It will partner with one or more stablecoin issuers to execute this strategy. Hence, the MOVE signals deep trust in crypto-based assets, especially after Circle’s explosive public debut. Circle, one of the top stablecoin issuers, now trades over 400% above its IPO price.
Bullish mainly serves institutional traders and holds regulatory licenses in the U.S., Germany, Hong Kong, and Gibraltar. CEO Thomas Farley, a former NYSE president, leads the exchange with experience and market foresight.
Further, Bullish owns the crypto news outlet CoinDesk, acquired from Barry Silbert’s Digital Currency Group in 2023. This adds weight to its media profile. Lead IPO underwriters include J.P. Morgan, Jefferies, and Citigroup. It might be a boon to crypto IPO hopes if it goes well.
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