Bullish Exchange Aims to Raise $629.3 Million in US IPO
Bullish, a Cayman Islands-based cryptocurrency exchange, aims to raise $629.3 million through a US IPO. The company plans to trade under the symbol BLSH and will offer 20.3 million shares priced between $28 and $31 each, targeting a valuation of $4.2 billion according to its Form F-1 SEC filing dated August 4.
Key points include:
- Previous IPO attempt in 2021 sought a $9 billion valuation but was canceled in 2022 due to delays.
- This current attempt seeks less than half of that previous valuation.
- Bullish filed confidential paperwork with regulators on July 11 for this IPO.
- The underwriters, including JP Morgan, Jefferies Group, and Citigroup, will convert a significant portion of the net proceeds into stablecoins.
- This approach could benefit stablecoin issuers amid recent positive developments in crypto legislation in the US.