Coin Bureau: Bitcoin can change the world, says PayPal Co-Founder Peter Thiel, who strongly believes in its value.

Coin Bureau: Bitcoin can change the world, says PayPal Co-Founder Peter Thiel, who strongly believes in its value.

Title: Bullish Crypto Exchange Seeks $4.32 Billion Valuation in IPO

Cryptocurrency exchange Bullish, backed by billionaire investor Peter Thiel, has filed for an initial public offering (IPO) in the United States, aiming to raise up to $629.3 million and achieve a valuation of $4.32 billion. The company, which serves institutional crypto traders and owns the CoinDesk crypto media site, plans to sell 20.3 million shares at a price between $28 and $31 per share [1][2][3].

The IPO, led by underwriters JPMorgan and Jeffries, comes amid a bullish cycle for digital assets and follows the successful IPO of Circle Internet Group, which saw its shares rise over 500% shortly after going public. Bullish is branding itself as an "institutionally-focused digital asset platform focused on market infrastructure" [1][2].

Bullish was founded in 2021 after Block.one raised nearly $10 billion in funding. The company has over 275 employees and is regulated in Germany, Hong Kong, and Gibraltar, in addition to the United States [2][3]. The IPO prospectus highlights the benefits of CoinDesk's services and the strategic advantages of becoming a publicly-traded company, including access to capital and enhanced credibility with partners and regulators [1].

Bullish's IPO is notable for its plan to convert a significant portion of the IPO proceeds into U.S.-dollar denominated stablecoins, underscoring the company's integration into the stablecoin ecosystem. BlackRock and ARK Investment Management have expressed non-binding interest in purchasing up to $200 million of shares at the IPO price [3]. This move could set a precedent for how other crypto firms manage capital raised through public markets.

As the crypto market continues to evolve, Bullish's success will depend on its ability to execute its business model and navigate the regulatory landscape. The firm's performance will be a key indicator of institutional confidence in the crypto sector [3].

References:
[1] https://www.investopedia.com/peter-thiel-backed-crypto-firm-bullish-aims-to-raise-usd629m-in-ipo-11784949
[2] https://www.ainvest.com/news/bullish-crypto-exchange-aims-raise-629m-4-2b-valuation-backed-peter-thiel-2508/
[3] https://bravenewcoin.com/insights/coinbase-plans-2-billion-note-sale-to-fund-bitcoin-purchases-and-business-growth