{"id":40523,"date":"2025-08-05T13:31:51","date_gmt":"2025-08-05T13:31:51","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=40523"},"modified":"2025-08-05T13:31:51","modified_gmt":"2025-08-05T13:31:51","slug":"bullish-aims-for-4-2b-valuation-with-new-u-s-ipo-filing","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=40523","title":{"rendered":"Bullish Aims for $4.2B Valuation With New U.S. IPO Filing"},"content":{"rendered":"<div>\n<p><span data-preserver-spaces=\"true\">Bullish, the crypto exchange backed by Peter Thiel, is back in the spotlight with a new IPO filing. This time, the company is aiming for a valuation of up to $4.23 billion as it looks to go public in the United States. <\/span><span data-preserver-spaces=\"true\">It\u2019s<\/span><span data-preserver-spaces=\"true\"> a big move, especially after a previous attempt fell flat.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">IPO Could Raise as Much as $629 Million<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The plan is to sell just over 20 million shares, priced between $28 and $31. If everything goes according to plan and they hit the upper end of that range, Bullish could pull in more than $629 million. <\/span><span data-preserver-spaces=\"true\">That\u2019s<\/span><span data-preserver-spaces=\"true\"> before underwriting and other expenses <\/span><span data-preserver-spaces=\"true\">are taken<\/span><span data-preserver-spaces=\"true\"> into account.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">NEW IPO: <a href=\"https:\/\/twitter.com\/hashtag\/Bullish?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">#Bullish<\/a><br \/>Some of you wanted me to let you know when I spotted an <a href=\"https:\/\/twitter.com\/hashtag\/IPO?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">#IPO<\/a> and here it is! <a href=\"https:\/\/t.co\/x9XlCrQHBw\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/x9XlCrQHBw<\/a><\/p>\n<p>\u2014 XtinaRP (@xtina_george) <a href=\"https:\/\/twitter.com\/xtina_george\/status\/1952464308891193440?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">August 4, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span data-preserver-spaces=\"true\">The Second Time Around for Going Public<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">This is not the first time Bullish has tried for an IPO. The company had initially planned to go public via a SPAC deal back in 2022. That earlier plan <\/span><span data-preserver-spaces=\"true\">was based<\/span><span data-preserver-spaces=\"true\"> on a much larger valuation, close to $9 billion, but it <\/span><span data-preserver-spaces=\"true\">was shelved<\/span><span data-preserver-spaces=\"true\"> when market sentiment turned cold. The new approach is more conservative, but probably more realistic given where the market is now.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Capital Strategy Includes Stablecoin Exposure<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In a detail that <\/span><span data-preserver-spaces=\"true\">didn\u2019t<\/span><span data-preserver-spaces=\"true\"> get much attention at first, Bullish revealed it plans to convert a good chunk of the IPO proceeds into dollar-based stablecoins. The idea is to park funds in digital cash equivalents issued by selected providers. That gives a glimpse into how Bullish sees the crypto ecosystem evolving and where it wants to place its bets.<\/span><\/p>\n<p><strong>DISCOVER: <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/high-risk-high-reward-crypto\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\">9+ Best High-Risk, High-Reward Crypto to Buy in August2025<\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Growing Momentum in Crypto IPOs<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The timing of this IPO makes sense. <\/span><span data-preserver-spaces=\"true\">There\u2019s<\/span><span data-preserver-spaces=\"true\"> been a resurgence of interest in crypto firms going public. Circle recently raised over a billion dollars and saw its shares jump out <\/span><span data-preserver-spaces=\"true\">the<\/span><span data-preserver-spaces=\"true\"> gate. Word is that Kraken, eToro, and others are thinking along similar lines. <\/span><span data-preserver-spaces=\"true\">It\u2019s<\/span><span data-preserver-spaces=\"true\"> clear the appetite for regulated, publicly traded crypto companies is back.<\/span><\/p>\n<div class=\"cpp-crypto-chart cpp-crypto-chart-99btc cpp-crypto-chart-btc\" data-coin-symbol=\"btc\" data-price-usd=\"BTC Price (USD)\" data-main-color=\"#4caf05\" data-watermark-image=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/06\/99bitcoins-logo.png\" data-chart-style=\"99btc\">\n<div class=\"cpp-chart-top-section\">\n<div class=\"cpp-chart-info-section\">\n<div class=\"cpp-chart-logo\"><img decoding=\"async\" src=\"https:\/\/cimg.co\/wp-content\/uploads\/2024\/02\/26205235\/btc.svg\" alt=\"btc logo\"><\/div>\n<div class=\"cpp-chart-coin-details\">\n<div class=\"cpp-chart-labels-row\">\n<div class=\"cpp-chart-coin-name\">Bitcoin<\/div>\n<div class=\"cpp-chart-price-info\">Price<\/div>\n<div class=\"cpp-chart-market-cap\">Market Cap<\/div>\n<\/div>\n<div class=\"cpp-chart-values-row\">\n<div class=\"cpp-chart-coin-symbol\">BTC<\/div>\n<div class=\"cpp-chart-price\"><\/div>\n<div class=\"cpp-chart-market-cap-value\">$2.28T<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"cpp-chart-selectors cpp-chart-selectors-99btc\"><span class=\"cpp-chart-selector\" data-period=\"24h\">24h<\/span><span class=\"cpp-chart-selector\" data-period=\"7d\">7d<\/span><span class=\"cpp-chart-selector\" data-period=\"30d\">30d<\/span><span class=\"cpp-chart-selector\" data-period=\"1y\">1y<\/span><span class=\"cpp-chart-selector\" data-period=\"all_time\">All time<\/span><\/div>\n<\/div>\n<p><canvas id=\"cpp-chart-6891ddd693a42\" class=\"cpp-chart-container cpp-chart-container-99btc\"><\/canvas><\/div>\n<h2><span data-preserver-spaces=\"true\">Leadership and Media Assets Add Credibility<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Tom Farley, who used to run the New York Stock Exchange, is at the helm of Bullish. That brings traditional market experience to a fast-moving space. The company also bought CoinDesk in 2023, giving it a unique position with both a trading platform and a well-known crypto media outlet under the same roof.<\/span><\/p>\n<p><strong>DISCOVER: <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/next-1000x-crypto\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\">Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025<\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Mixed Financials Signal Flashy but Volatile Growth<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Bullish\u2019s<\/span><span data-preserver-spaces=\"true\"> financials tell a mixed story. In the first quarter of 2025, the firm posted a net loss of $349 million. A year earlier, it had been in the black by about $105 million. Most of that swing comes down to how crypto assets <\/span><span data-preserver-spaces=\"true\">are valued<\/span><span data-preserver-spaces=\"true\"> on paper. Still, the big question is whether the business model can support consistent profitability.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Broad Underwriting and Institutional Interest<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The deal is <\/span><span data-preserver-spaces=\"true\">being underwritten<\/span><span data-preserver-spaces=\"true\"> by some of the biggest names on Wall Street, including J.P. Morgan and Citigroup. Bullish has also drawn interest from heavyweight investors like BlackRock and ARK, which could each contribute up to $200 million. Those commitments are nonbinding for now <\/span><span data-preserver-spaces=\"true\">but<\/span><span data-preserver-spaces=\"true\"> show that major players are paying attention.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">What to Keep an Eye On<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">All eyes will be on how the IPO performs and whether investors buy into the new <\/span><span data-preserver-spaces=\"true\">valuation<\/span><span data-preserver-spaces=\"true\">. <\/span><span data-preserver-spaces=\"true\">There\u2019s<\/span><span data-preserver-spaces=\"true\"> also the matter of how Bullish plans to manage its stablecoin exposure, how it handles regulations in different countries, and whether its hybrid model of trading and media proves to be an advantage.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">DISCOVER:\u00a0<\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/next-crypto-to-explode\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\"><span data-preserver-spaces=\"true\">20+ Next Crypto to Explode in 2025\u00a0<\/span><\/a><\/strong><\/p>\n<p><strong><a class=\"general-link\" href=\"https:\/\/discord.gg\/B7Uk6agkqj\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/span><\/a><\/strong><\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h2 class=\"nnbtc-key-takeaways__title\">Key Takeaways<\/h2>\n<ul class=\"nnbtc-key-takeaways__list\">\n<li class=\"nnbtc-key-takeaways__list-item\">\n        Bullish is targeting a $4.2 billion valuation in its second IPO attempt, a big drop from the $9 billion SPAC plan scrapped in 2022.    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        The IPO aims to raise up to $629 million by selling just over 20 million shares, priced between $28 and $31 each.    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        Part of the proceeds will be converted into stablecoins, showing Bullish\u2019s interest in digital cash equivalents for capital management.    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        Bullish owns CoinDesk and is led by ex-NYSE president Tom Farley, giving it both media influence and traditional finance credibility.    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        Despite big-name backers like J.P. Morgan and BlackRock, Bullish reported a $349 million loss in Q1 2025, raising questions about its path to profit.    <\/li>\n<\/ul><\/div>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/bitcoin-btc\/bullish-aims-for-4-2b-valuation-with-new-u-s-ipo-filing\/\">Bullish Aims for $4.2B Valuation With New U.S. IPO Filing<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bullish, the crypto exchange backed by Peter Thiel, is back in the spotlight with a new IPO filing. This time, the company is aiming for a valuation of up to $4.23 billion as it looks to go public in the United States. It\u2019s a big move, especially after a previous attempt fell flat. IPO Could [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-40523","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/40523","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40523"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/40523\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}