Bullish, a Crypto Exchange Supported by Peter Thiel, Plans Bigger IPO
Bullish, a cryptocurrency exchange backed by investor Peter Thiel, is planning to raise nearly $1 billion through its initial public offering (IPO).
The company recently told the US Securities and Exchange Commission (SEC) that it wants to sell 30 million shares priced between $32 and $33 each. This would give Bullish a total value of about $4.8 billion. This is a bigger plan compared to its earlier idea to sell 20.3 million shares at $28 to $31 each, which valued the company at $4.2 billion.
IPO Details and Support from Big Investors
Bullish is led by Tom Farley, the former president of the New York Stock Exchange. Its main financial partners for the IPO are JPMorgan, Jefferies, and Citigroup. They have the option to sell an extra 4.5 million shares within 30 days after the IPO.
When the IPO is complete, Bullish’s stock will be traded on the New York Stock Exchange under the symbol “BLSH.”
Big investment companies like BlackRock (the world’s largest asset manager) and ARK Investment Management, led by Cathie Wood, have shown interest in buying up to $200 million worth of Bullish shares. This shows growing excitement from investors about cryptocurrencies, especially with more supportive government rules under President Donald Trump’s administration.
Plans for Stablecoins and Market Challenges
Bullish, which started in 2021 (the “year of the bull”), also plans to turn much of the money it raises from the IPO into stablecoins. Stablecoins are cryptocurrencies tied to the US dollar. Bullish will work with one or more stablecoin providers to do this.
This move follows a new law called the GENIUS Act, signed by President Trump, which creates rules to help stablecoins grow and work with regular finance systems.
However, Bullish is not yet profitable. It reported a loss of $349 million in the first quarter of this year, compared to a $105 million profit in the same quarter last year.
Other Crypto Companies Going Public
Bullish is joining other crypto companies entering public markets. For example, Galaxy Digital and eToro have recently started trading publicly. Crypto custody startup BitGo and the Gemini exchange (run by the Winklevoss twins) are also preparing to list in the US.
At the same time, the total value of all cryptocurrencies reached a record $4 trillion recently, with Bitcoin going over $120,000. Though the market pulled back slightly after, it stayed strong around $3.93 trillion.
