Peter Thiel-backed Bullish IPO may hit $4.2B valuation: Will it match Circle’s breakout?

Key Points

1. Bullish plans to offer 20.3 million ordinary shares at $28 to $31 per share, potentially raising up to $629 million.

2. The IPO could value Bullish between $3.8 billion and $4.2 billion if fully subscribed.

3. JPMorgan and Jefferies are the lead underwriters for the IPO, which follows the momentum of Circle Internet Group's successful public debut.

4. BlackRock and ARK Investment Management have expressed interest in buying up to $200 million of Bullish shares.

5. Other crypto exchanges like OKX, Kraken, and Gemini are also signaling readiness to go public, with Gemini having already submitted a confidential filing.