Bullish Crypto Exchange Relaunches IPO with $629M Goal, Eyes $4.23B Valuation 🚀

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.