Bullish Files SEC IPO Documents, Targets $629M for Digital Asset Expansion

Backed by tech billionaire Peter Thiel, Bullish plans to offer 20.3 million shares at $28–$31 on the NYSE (BLSH), targeting a valuation of up to $4.23B amid favorable regulatory shifts and a move towards stablecoin integration.

129d ago

Summary

Bullish, backed by tech billionaire Peter Thiel, filed for a U.S. IPO offering 20.3 million shares at $28–$31, potentially raising up to $629.3M and aiming for a valuation of up to $4.23B. The filing, submitted on Aug. 4, follows a failed 2021 merger attempt and comes amid a friendlier regulatory environment under the Trump administration with the GENIUS Act. The prospectus details plans to convert a substantial portion of IPO proceeds into U.S. dollar-backed stablecoins and notes a $349M Q1 2025 loss due to mark-to-market declines.

Terms & Concepts

IPO: An initial public offering where a company offers its shares to the public for the first time.
NYSE: The New York Stock Exchange, a major U.S. stock exchange where companies list their shares.
Stablecoins: Digital currencies pegged to stable assets like the U.S. dollar, used to minimize volatility.