Company Background
Bullish, a cryptocurrency exchange operator backed by venture capitalist Peter Thiel, is seeking to raise approximately $629.3 million through a U.S. initial public offering. The company filed confidential paperwork with the U.S. Securities and Exchange Commission on August 4, launching a roadshow to present its growth story amid favorable regulatory developments. Bullish was formed through a merger with Digital Currency Group’s CoinDesk and has positioned itself as an institutional-grade trading platform.
IPO Details
The proposed offering involves 20.3 million shares priced between $28 and $31. At the top of the range, the valuation would be about $4.23 billion, representing a 52% discount to the $9 billion valuation targeted in its 2021 SPAC deal that was later withdrawn. Underwriters for the transaction include J.P. Morgan, Jefferies, and Citigroup. Bullish intends to allocate a portion of IPO proceeds to purchase U.S.-dollar-denominated stablecoins, signaling confidence in regulated digital dollars.
Market Context
The IPO comes at a time of growing interest in crypto firms accessing public markets. Recent high-profile listings include Circle’s Nasdaq debut and confidential filings by BitGo and Grayscale. Bullish aims to differentiate through its combined exchange and media assets and by leveraging its stablecoin holdings to facilitate liquidity and trading volume. The firm reported a $349 million loss in Q1 2025, compared with a profit of $105 million a year earlier, reflecting crypto price swings.
Quote
“When an IPO begins marketing, bankers often undershoot valuations to build momentum,” said Matt Kennedy, senior strategist at Renaissance Capital, commenting on the chosen price range.
Reporting by Ateev Bhandari; Editing by Pooja Desai and Shinjini Ganguli.
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