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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