Key Takeaways
- Cryptocurrency exchange Bullish plans an initial public offering, targeting a valuation of more than $4 billion.
- The company backed by billionaire Peter Thiel expects to sell 2.3 million shares at $28 to $31 each.
- BlackRock and Cathie Wood’s ARK Investment Management have already agreed to invest in Bullish.
Bullish, the cryptocurrency exchange backed by billionaire Peter Thiel, said it would be seeking a valuation of more than $4 billion in an initial public offering (IPO).
In a regulatory filing Monday, the company said it would be offering for sale 20.3 million shares at a price range of $28 to $31 each, or as much as $629.3 million. In addition, the underwriters have 30 days from the publication of the prospectus to purchase another 3.045 million shares. Bullish added that it planned to initiate the IPO “as soon as practicable after this Registration Statement becomes effective.”
It noted that BlackRock (BLK) and Cathie Wood’s ARK Investment Management have already agreed to purchase a total of $200 million worth of shares.
Bullish said it has applied to list on the New York Stock Exchange under the ticker symbol “BLSH.”
In its prospectus, the company reported its first-quarter trading volume grew 78% from 2024, and it had an average daily volume of $2.55 billion. Bullish also owns the CoinDesk crypto media site.
CEO Tom Farley said that “the digital assets industry is at the inflection point of institutional adoption and Bullish is uniquely positioned at the center of this market.”