Peter Thiel-backed Bullish Exchange Targets $4.2B Valuation in IPO Filing

Bullish, the cryptocurrency exchange backed by billionaire Peter Thiel, has filed for a $629 million initial public offering with the U.S. Securities and Exchange Commission. The company aims to sell 20.3 million shares priced between $28 and $31, potentially valuing the firm at $4.2 billion at the upper end of the range.

BlackRock and ARK Investment Management have shown preliminary interest, with potential commitments totaling $200 million. The IPO comes as digital asset markets regain momentum, following Circle's recent public debut that saw shares surge over 500%.

JPMorgan and Jefferies are leading the underwriting efforts. Bullish's filing follows its confidential submission in June and coincides with the passage of the GENIUS Act, which provides regulatory clarity for crypto firms seeking public listings.