Crypto exchange Bullish targets $4.2B valuation in U.S. IPO

Cayman Islands-based crypto exchange Bullish is seeking to raise up to $629.3M through an initial public offering in the U.S., according to a filing with the Securities and Exchange Commission released on Monday.

The company, led by CEO Tom Farley, a former president of the New York Stock Exchange, filed last month for an IPO on the NYSE under the ticker BLSH.

Bullish is planning to offer 20.3M shares for $28-$31 each, eyeing a potential $4.2B market value at the top of the range based on its outstanding shares, the Monday filing showed.

In 2021, Peter Thiel-backed Bullish said it was looking to go public by merging with a special purpose acquisition company. But the proposed deal, which ultimately fell through a year later, would have valued the combined company at ~$9B.

The planned IPO follows the success of some crypto-linked companies in recent months, as they tap into growing demand for crypto under a crypto-friendly Trump administration, including stablecoin issuer Circle Internet's (CRCL) in June and crypto-tied retail trading platform eToro's (ETOR) in May.