Bullish, the cryptocurrency exchange backed by investor Peter Thiel, has initiated the roadshow for its initial public offering (IPO), aiming for a valuation of up to $4.23bn.

The exchange plans to issue 20.3 million ordinary shares to raise $629m, with an anticipated price range for each share set between $28 and $31.

Bullish operates as an institutionally-oriented digital asset platform, offering services such as the Bullish Exchange—a regulated spot and derivatives exchange for digital assets.

The platform is overseen by regulators in Germany, Hong Kong, and Gibraltar.

The company has indicated that it may offer underwriters the option to purchase up to an additional 3,045,000 ordinary shares within a 30-day period after the initial offering, at the IPO price less any underwriting discounts and commissions.

The company has applied to list its stock on the New York Stock Exchange under the ticker symbol “BLSH.”

The capital raised is intended to support general corporate needs and provide working capital, which could potentially include the financing of future acquisitions.

A consortium of financial institutions has been assembled to manage the proposed offering. J.P. Morgan and Jefferies are leading the process as book-running managers, with Citigroup also participating in a leading capacity.

Additional book-running managers include Cantor, Deutsche Bank Securities, and Societe Generale, with co-managers comprising Canaccord Genuity, Keefe, Bruyette & Woods, Oppenheimer & Co., and Rosenblatt.

Following its acquisition of CoinDesk in 2023, Bullish expanded its offerings to include various data and insight services related to the digital asset industry.

As of 31 March 2025, the company’s liquid assets included $28m cash, $144m stablecoins, $1,735m BTC, $22m ETH, and $33m other digital assets, with over 24,000 Bitcoin held.

The company reported $80m net income for 2024 and a $349m net loss for Q1 2025.

“Crypto exchange Bullish launches IPO roadshow with $4.23bn valuation goal ” was originally created and published by Electronic Payments International, a GlobalData owned brand.

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