Bullish Exchange Targets $4.23B Valuation in US IPO Push

Bullish, the Peter Thiel-backed cryptocurrency exchange, is making a renewed push for a U.S. IPO with a targeted valuation of $4.23 billion. The move comes as crypto markets show signs of resurgence, fueled by regulatory clarity and growing institutional interest. The exchange plans to offer 20.3 million shares priced between $28 and $31, aiming to raise up to $629.3 million. Shares will list on the New York Stock Exchange under the ticker "BLSH."

This marks Bullish's second attempt at going public after scrapping a 2021 SPAC deal that sought a $9 billion valuation. The current effort aligns with a broader market recovery, supported by favorable U.S. policies like the recently passed GENIUS Act, which provides a legal framework for stablecoins.

Notably, Bullish intends to convert a significant portion of IPO proceeds into dollar-backed stablecoins, partnering with established issuers. The strategy reflects deepening institutional confidence in crypto assets, mirroring the success of Circle's public debut earlier this year.