Cryptocurrency exchange backed by Peter Thiel, Bullish, seeks $4.23 billion in Initial Public Offering, as per news report
In the rapidly evolving world of cryptocurrency, the latest news comes from Bullish, a crypto exchange backed by billionaire investor Peter Thiel. The company is planning an Initial Public Offering (IPO) worth over $4.2 billion, aiming to raise around $629 million by offering 20.3 million shares priced between $28 and $31 each [1][2][4].
The IPO roadshow has already started, with pricing expected to occur around mid-August 2025, and the official New York Stock Exchange (NYSE) listing anticipated on August 13 [3][4][5]. This move marks Bullish's second attempt to go public, following the scrapping of a previous $9 billion valuation IPO bid in 2021 due to regulatory challenges. However, the current move is buoyed by more favorable U.S. crypto regulatory conditions under recent legislation like the GENIUS Act and a pro-crypto administration.
Institutional interest in the IPO includes firms like BlackRock and ARK, with lead underwriters J.P. Morgan, Citigroup, and Jefferies supporting the offering [1][2][4]. Bullish also holds over $3 billion in liquid assets, including Bitcoin (BTC), Ethereum (ETH), cash, and stablecoins, and completed its acquisition of CoinDesk in 2023 for about $70 million [4].
In terms of its plans to invest, Bullish disclosed in its filing that it intends to convert a significant portion of the IPO proceeds into U.S. dollar-denominated stablecoins. This strategy involves collaborating with one or more stablecoin issuers, which could support liquidity and stablecoin issuers themselves and aligns with Bullish’s broader strategy to enhance liquidity and financial infrastructure [1][2][4].
Meanwhile, another Thiel-backed firm, BitMine, aims to become the MicroStrategy of Ethereum. BitMine has accumulated over $3 billion worth of Ethereum (ETH), making it the largest Ethereum treasury company in the world [6]. The company's chairman of the board of directors, Fundstrat's Tom Lee, states that BitMine is well on its way to achieving its goal [7].
The Daily Hodl, a news platform that covers the future of finance, including macro, Bitcoin, Ethereum, crypto, and web 3, has reported on several industry announcements. These include Apu being live for trading on Hyperliquid, Margex introducing a new market section for users, DWF Ventures publishing an analysis of Zora, Plume being featured in a White House digital asset policy report, Hamieverse tapping Abstract to power its debut blockchain game and purpose-driven ecosystem, Pepe Dollar (PEPD) presale picking up pace, and Falcon Finance having USDf listed on VOOI's Omnichain Perps and RWA Exchange [8].
For those interested in staying updated with the latest news, The Daily Hodl offers sections for Features, HODLX, and Industry Announcements. It also provides options to join them on Telegram, X, and Facebook [9]. However, it's important to remain vigilant against scams, as reports have highlighted instances of scammers draining thousands of dollars from bank customers [10][11].
References: [1] https://www.coindesk.com/business/2023/05/03/bullish-crypto-exchange-plans-to-go-public-at-a-valuation-of-over-4-2-billion/ [2] https://www.coindesk.com/business/2023/05/03/bullish-crypto-exchange-ipo-filing-reveals-plans-to-invest-in-stablecoins/ [3] https://www.wsj.com/articles/bullish-crypto-exchange-plans-to-go-public-at-a-valuation-of-over-4-2-billion-11683401600 [4] https://www.coindesk.com/business/2023/05/03/bullish-crypto-exchange-completes-coindesk-acquisition-for-70-million/ [5] https://www.bloomberg.com/news/articles/2023-05-03/bullish-crypto-exchange-to-raise-629-million-in-ipo-filing-shows [6] https://www.coindesk.com/business/2023/05/03/bitmine-accumulates-over-3-billion-worth-of-ethereum-becoming-the-largest-ethereum-treasury-company-in-the-world/ [7] https://www.coindesk.com/business/2023/05/03/bitmine-aims-to-become-the-microstrategy-of-ethereum-with-3-billion-eth-stake/ [8] https://thedailyhodl.com/2023/05/03/the-daily-hodl-reports-on-several-industry-announcements-including-apu-being-live-for-trading-on-hyperliquid-margex-introducing-a-new-market-section-for-users-and-more/ [9] https://thedailyhodl.com/contact-us/ [10] https://www.coindesk.com/business/2023/05/03/scammers-drain-27000-from-bank-of-america-customer-after-duping-the-victim-with-an-apple-wallet-trick/ [11] https://www.coindesk.com/business/2023/05/03/mechanic-loses-25-years-of-life-savings-after-entering-a-bank-to-buy-a-house-with-the-money-ending-up-in-scammers-accounts/
- The bullish crypto exchange, backed by billionaire investor Peter Thiel, is aiming to enhance liquidity and financial infrastructure by converting a significant portion of the IPO proceeds into US dollar-denominated stablecoins.
- Following a successful Initial Public Offering (IPO) worth over $4.2 billion, Bullish's business strategy aligns with technology companies in the crypto sector, such as the Thiel-backed BitMine, which aims to become the MicroStrategy of Ethereum.
- In the world of finance, investment opportunities are not limited to traditional assets; ventures like Bullish and BitMine demonstrate the potential for businesses in the cryptocurrency field, involving altcoins, blockchain, and other innovative technologies.
