Cryptocurrency Exchange Bullish Plans to Raise Up to $629 Million in IPO

Cryptocurrency exchange Bullish, whose investors include billionaire tech investor Peter Thiel, plans to raise up to $629 million in an initial public offering (IPO).

According to a filing with the U.S. Securities and Exchange Commission (SEC), the company wants to sell 20,3 million shares at a price between $28 and $31, which would value Bullish at $4,2 billion.

We are now ready to pursue an IPO because we believe the digital asset industry is entering a new phase of growth. We also believe that going public will provide key benefits to our business: additional credibility with partners, counterparties and regulators, access to capital, and currency for strategic acquisitions,” said Bullish CEO Tom Farley.

In June, the crypto exchange filed confidentially for an initial public offering. The confidential IPO process typically allows companies to prepare for a listing without disclosing financial details until they are ready to go public. JPMorgan and Jeffries were later revealed as lead underwriters.

Bullish’s decision to go public comes amid a bullish trend in digital assets and following the successful IPO of crypto firm Circle Internet Group. Just a few weeks after going public, the issuer’s USDC stablecoin shares have risen by more than 500%.

Source