Peter Thiel-Backed Bullish Relaunches IPO Bid With $629M Target

Benzinga

Crypto exchange Bullish is aiming for a valuation of up to $4.23 billion in its second attempt to go public, according to Reuters. Bullish is seeking up to $629.3 million by offering 20.3 million shares priced between $28 and $31 in its second attempt to go public. The offering values the company at over 52% less than its $9 billion target from a 2021 SPAC deal that was canceled due to regulatory issues. Backed by Peter Thiel and led by former NYSE president Thomas Farley, Bullish plans to convert a portion of its proceeds into U.S. dollar-denominated stablecoins. Bullish owns the crypto news site CoinDesk, acquired in 2023 from Digital Currency Group. It reported a $349 million loss for the quarter ending March 31, down from a $105 million profit a year earlier due to declining crypto asset values.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Crypto exchange Bullish is aiming for a valuation of up to $4.23 billion in its second attempt to

00:07go public, according to Reuters. Bullish is seeking up to $629.3 million by offering 20.3

00:13million shares priced between $28 and $31 in its second attempt to go public. The offering values

00:19to company over 52% less than its $9 billion target from a 2021 SPAC deal that was canceled

00:25due to regulatory issues. Backed by Peter Thiel and led by former NYSE President Thomas

00:30Farley, Bullish plans to convert a portion of its proceeds into U.S. dollar-denominated

00:34stablecoins. Bullish owns the crypto news site Coindesk, acquired in 2023 from Digital Currency

00:39Group, reported a $349 million loss for the quarter ending March 31st, down from a $105

00:46million profit a year earlier due to declining crypto asset values.

00:49For all things money, visit Benzinga.com.

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