Bullish, the institutional crypto exchange backed by tech billionaire Peter Thiel, is targeting a valuation of up to $4.23 billion in its U.S. initial public offering, according to a regulatory filing submitted on Aug. 4.

The company is offering 20.3 million shares priced between $28 and $31, potentially raising as much as $629.3 million, Reuters reported the same day.

If successful, Bullish would debut at a steep discount to the $9 billion valuation it once pursued in a failed 2021 merger with a blank-check company. That earlier deal was scrapped in 2022 due to regulatory uncertainty.

This IPO attempt comes amid a friendlier policy environment under the Trump administration, including the recent passage of the GENIUS Act, which outlines the first federal guidelines for stablecoins and has helped reinvigorate interest in crypto-related equities.

Bullish, led by former New York Stock Exchange president Thomas Farley, said in its prospectus that it plans to convert a substantial portion of the IPO proceeds into U.S. dollar-backed stablecoins with the support of one or more token issuers. The move mirrors the recent trend among crypto firms to anchor reserves in regulated digital dollars.

While Bullish posted a $349 million loss in the first quarter of 2025, driven largely by mark-to-market declines in its crypto holdings, investors are likely to focus more on core exchange profitability and operational efficiency.

The offering is being led by J.P. Morgan, Jefferies, and Citigroup. Shares are expected to trade on the New York Stock Exchange under the ticker symbol “BLSH.”

Bullish’s filing comes just days after Coinbase, the largest publicly traded crypto exchange, reported a decline in second-quarter profit amid sluggish trading activity. Despite the dip, broader investor sentiment appears to be shifting toward long-term structural plays in the digital asset space.

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A crypto exchange backed by billionaire investor Peter Thiel is seeking to file for an initial public offering (IPO) worth over $4.2 billion.

According to a new Reuters report, the billionaire-backed Bullish is targeting a $4.23 billion valuation for its upcoming US IPO.

Bullish reportedly plans to invest many of the IPO funds in US-dollar-backed stablecoins.

Bullish plans to offer 20.3 million shares priced between $28-$31, seeking up to $629 million.

The news comes on the heels of another Thiel-backed firm, BitMine, announcing that it has accumulated over $3 billion worth of the second-largest crypto asset by market cap, becoming the largest Ethereum (ETH) treasury company in the world.

The company’s newly appointed chairman of the board of directors, Fundstrat’s Tom Lee, says that BitMine is well on its way to achieving its goal of acquiring and staking 5% of the total supply of ETH.

BitMine seeks to become the MicroStrategy of Ethereum. The software company now known as Strategy already holds 601,000 BTC, worth approximately $72 billion, or around 2.865% of the total supply of the flagship cryptocurrency.

“Among Bitcoin treasury companies, we have witnessed the reflexive benefit of acquiring large holdings… Such sizable holdings have created a ‘sovereign put’ for the company, meaning a nation-state views MSTR holdings as attractive if a nation ever wanted to acquire 5% of the Bitcoin network. Similarly, ETH Treasuries, which accumulate 5% of ETH supply, can benefit from a similar ‘Wall Street put.’”

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The global head of technology research at Wedbush Securities, Dan Ives, is leaning bullish on analytics software firm Palantir Technologies (PLTR).

In a new CNBC interview, Ives says the market cap of Palantir Technologies could skyrocket by around 290% from the current level in a few years.

“I believe this is going to $1 trillion market cap in the next two to three years. These numbers just show, I think, ‘Let’s get to popcorn out.’ It’s still in the early days of playing out.”

As of Monday’s market close, Palantir Technologies is trading at $108 and has a market cap of approximately $256 billion.

While likening Palantir Technologies to soccer superstar Lionel Messi, Ives defends the software analytics firm’s valuation, saying it is justified given the growth opportunities.

“If you go back the last few years, I mean they hated it at $10, despised it at $100 and that would be the continued argument of valuation.

If you look at what’s happened to the artificial intelligence (AI) revolution, $2 trillion of spend over the next three years. On the software side, it’s their world, everyone else is paying rent, income is to Palantir.

So my view is if you look at just on valuation, and if you went back, you’ve missed every transformational tech stock in the last 20 years. If you just focused on valuation, where is this in the next two, three, four or five years?

And I view what [CEO Alex] Karp’s doing at Palantir is generational. But again, the haters are going to hate, I get it. Valuation. Check the box. You look at these numbers, to me, I think this is just another sort of table-pounder moment, you know, for what I view as the Messi of AI, Palantir.”

Billionaire venture capitalist Peter Thiel owns about 4.5% of Palantir Technologies, according to financial data firm Fintel.

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