- Bullish files for IPO, valued at $4.23 billion.
- Significant interest from BlackRock and ARK in purchasing shares.
- Potential market impact with institutional focus and strategic backing.
Bullish, a cryptocurrency exchange backed by Peter Thiel, filed for a U.S. IPO on the NYSE, targeting a $4.23 billion valuation.
The IPO signals institutional trust in digital assets, driven by interest from BlackRock and ARK. This development aligns with favorable regulatory conditions for crypto advancements.
Lede
Peter Thiel-backed cryptocurrency exchange Bullish has officially filed for a U.S. IPO on the NYSE. The company aims for a valuation of approximately $4.2–$4.3 billion, seeking to raise $599–$629 million by offering 20.3 million shares.
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Leading the IPO is CEO Thomas W. Farley, a former NYSE President. Major institutional investors like BlackRock and ARK Investment Management have expressed interest in acquiring up to $200 million worth of shares, seeking to leverage Bullish’s compliance and stablecoin-centric infrastructure.
The IPO filing suggests Bullish’s intention to become a key player in the cryptocurrency exchange market. The company reported $167 million in revenue over the past year and achieved a trading volume exceeding $1.25 trillion since its inception. This significant institutional backing may enhance Bullish’s position as a competitive and stable trading platform. Crucial assets being traded include Bitcoin and Ethereum, marking Bullish’s strong presence in the spot market.
Recent regulatory support from the GENIUS Act, which facilitates digital asset firms’ listings in the U.S., may bolster the IPO’s success. Historical trends from similar IPOs in the industry point to increased market visibility, though not always resulting in direct price impact on major cryptocurrencies.
“Bullish was founded in 2020 with the vision to build an institutional-grade global exchange enabling optimized execution powered by a customizable, compliance-first infrastructure.” — Thomas W. Farley, CEO of Bullish.
Investors are closely observing Bullish’s IPO as it highlights a growing trend of digital asset firms seeking public listings. The market awaits potential financial and technological implications, potentially reshaping industry norms. Strong institutional interest suggests heightened confidence in Bullish’s future performance as a leading cryptocurrency exchange.
