Cryptocurrency exchange Bullish is now looking for a $4.2 billion valuation as per an F-1 filing made with the Securities and Exchange Commission.
The company is offering 20.3 million shares with a price range of $28-$31 for each share, meaning the company is looking to raise $629.3 million. The filing shows Bullish will trade its shares on the New York Stock Exchange under the symbol ‘BLSH’.
The filing follows a period of optimism for large-scale crypto firms who are benefiting from support from the Trump administration in the U.S., along with recent legislation such as the GENIUS Act.
However, Trump tariffs also stifled IPO activity among tech firms who were looking to go public but had to postpone their market debut in favour of more stable economic periods.
The most notable market debut among crypto firms was stablecoin issuer Circle, which raised a total of $1.05 million in an upsized IPO deal priced at $31 per share before opening at $69 on the New York Stock Exchange after initially targeting a valuation of $7.2 billion.
Once Bullish completes its IPO and goes public, it will be joining 100% crypto-core companies such as Circle, Riot Platforms, Mara Holdings, and Coinbase, all of whose shares are now being traded publicly.
What are Bullish’s main businesses?
Bullish operates two core business concerns: its regulated cryptocurrency exchange with multiple licenses globally and the CoinDesk news platform. The CEO of the company is Thomas Farley, who is the former president of the New York Stock Exchange. Bullish is heavily backed by former PayPal CEO Peter Thiel, as per a Reuters report.