Peter Thiel-Backed Bullish Crypto Exchange Plans $600 Million IPO In The US

Bullish, a cryptocurrency exchange supported by billionaire investor Peter Thiel, is advancing toward an initial public offering with a targeted valuation of up to $4.23 billion. The move aligns with a regulatory shift in the U.S. under President Donald Trump's pro-crypto administration, bolstered by policies like the GENIUS Act.

The exchange aims to raise approximately $629.3 million by offering 20.3 million shares priced between $28 and $31 each. This marks Bullish's second attempt to go public after a failed blank-check merger in 2021. At the upper end of its proposed range, the IPO WOULD represent a 52% discount to its earlier $9 billion target.

Market strategists note conservative initial valuations are typical, allowing room for upward adjustments. The filing also hints at a stablecoin conversion strategy, though details remain undisclosed.