Crypto exchange Bullish has aimed for a valuation of up to USD 4.23 billion as it prepared for a public listing in the United States.
The company launched its IPO roadshow this week, offering 20.3 million shares priced between USD 28 and USD 31 each. If fully subscribed at the upper end of that range, it would raise approximately USD 629.3 million.
The targeted valuation represents a significant cut, more than 50%, from the company’s previous USD 9 billion estimate set during an earlier attempt to go public via a special purpose acquisition company (SPAC) in 2021. That deal was abandoned in 2022, with the company citing regulatory obstacles at the time.
Proceeds from the IPO will be partially converted into USD-denominated stablecoins through arrangements with one or more token issuers, according to the company’s recent filing. Officials from Bullish stated this approach is part of a broader strategy involving stablecoin use within its operations.
Investor sentiment and broader context
The public offering comes amid renewed interest in digital assets, supported by recent US policy developments. Legislative measures like the GENIUS Act have provided a preliminary framework for stablecoin regulation, which some analysts say could improve institutional confidence in the sector.
Bullish, which is backed by venture capital investors including Peter Thiel, operates a digital asset exchange that targets institutional clients.
The company reported a net loss of USD 349 million in the first quarter of 2025, reversing a profit of USD 105 million in the same period a year earlier. The decline was largely attributed to a fall in the fair value of its crypto holdings. Similar trends have affected other listed crypto firms.
Despite these fluctuations, some analysts believe investors are focusing less on short-term market swings and more on core operational efficiency. According to research firms tracking IPO performance, investors will likely evaluate Bullish based on its profitability as a trading platform, independent of cryptocurrency price movements.
