A crypto exchange, supported by billionaire investor Peter Thiel, has set its sights on filing for an initial public offering (IPO) valued at over $4.2 billion.
As per a recent report from Reuters, Bullish, backed by billionaires, aims for a $4.23 billion valuation for its upcoming IPO in the US.
Bullish intends to allocate a significant portion of the IPO proceeds towards US-dollar-backed stablecoins.
The company plans to offer 20.3 million shares priced between $28-$31, with a target of raising up to $629 million.
This development follows another venture supported by Thiel, BitMine, which recently revealed it has amassed over $3 billion worth of the second-largest cryptocurrency, Ethereum (ETH), establishing itself as the leading Ethereum treasury entity globally.
Tom Lee, the newly appointed chairman of BitMine’s board of directors from Fundstrat, expressed confidence in the company’s goal of acquiring and staking 5% of the total ETH supply.
BitMine aims to emulate the success of MicroStrategy in the Ethereum realm. MicroStrategy currently holds 601,000 BTC valued at around $72 billion, equivalent to approximately 2.865% of the total Bitcoin supply.
“Among Bitcoin treasury entities, we have observed the advantageous impact of accumulating substantial holdings… Such significant holdings create a ‘sovereign put’ for the company, indicating that a nation-state may find MSTR’s holdings appealing if interested in obtaining 5% of the Bitcoin network. Likewise, ETH Treasuries accumulating 5% of ETH supply can benefit from a comparable ‘Wall Street put.’”
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