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17h ago

Bullish Launches U.S. IPO Roadshow Aiming for $4.23 Billion Valuation

Institutional investors ranging from BlackRock to ARK have pledged support for its trading platform alongside a plan to convert IPO proceeds into dollar-pegged stablecoins.

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Crypto exchange bullish seeks to raise up to $629m in new york share sale
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Peter Thiel-backed crypto exchange Bullish launches its IPO

Overview

  • Bullish is offering 20.3 million shares at $28 to $31 each in its roadshow, seeking up to $629.3 million and a valuation of $4.23 billion.
  • The exchange plans to list on the New York Stock Exchange under the ticker BLSH with J.P. Morgan, Jefferies and Citigroup as lead underwriters.
  • A significant portion of the net IPO proceeds will be converted into U.S. dollar-denominated stablecoins through partnerships with token issuers.
  • Funds managed by BlackRock and ARK Investment Management have shown nonbinding interest in purchasing up to $200 million of shares at the IPO price.
  • Backed by Peter Thiel and led by former NYSE president Thomas Farley, Bullish is making a second public offering bid after scrapping a $9 billion SPAC merger in 2022 and has expanded its media reach with the 2023 acquisition of CoinDesk.