Bullish, the digital asset exchange backed by prominent investors including Peter Thiel, is positioning itself for a high-stakes public market debut in the United States, with ambitions of securing a valuation of up to $4.23 billion.
According to a recent regulatory filing, the crypto firm is launching its IPO roadshow with plans to raise up to $629.3 million. This will be done through the sale of 20.3 million shares, priced in the range of $28 to $31 each — a tactical move that reflects the more grounded, conservative pricing approach being adopted by IPO underwriters in the current climate.
The offering marks Bullish’s second attempt at a public listing. Its earlier plans to go public via a $9 billion SPAC merger in 2021 were shelved due to lingering regulatory uncertainties. The relaunch comes amid a noticeably more favorable U.S. policy landscape toward digital assets, bolstered by the passage of the GENIUS Act — a key legislative development that lays the groundwork for stablecoin regulation and broader crypto integration.
Strategically, Bullish has signaled its intent to convert a sizable portion of IPO proceeds into USD-backed stablecoins, using one or more third-party issuers. This signals confidence in the rising institutional adoption of tokenized dollars and offers a glimpse into how the exchange is preparing for a digitally native future of finance.
The broader context is clear: with U.S. regulatory clarity beginning to take shape, and market sentiment recovering across digital assets, crypto-native companies are once again stepping into the spotlight. Bullish’s IPO will serve as a high-profile test case for investor appetite in the sector — and potentially a bellwether for others looking to follow suit.
Partner With Us
Want to feature your brand, business, or service on 365247 — Whether you’re looking to sponsor, collaborate, or build presence within our ecosystem, we’d love to explore it with you.
Submit Your Interest Here
