With the Red Hot IPO Market Raging, Will This Crypto Exchange Backed by Peter Thiel and Cathie Wood Be Wall Street's Next Moon Shot?

If you didn't believe it after CoreWeave and Circle, then Figma's monster $1.2 billion debut on the public markets made it official: Initial public offerings (IPOs) are back, and in a big way. After several years of a moribund IPO market, conditions have started to thaw, and there seems to be more demand from Wall Street. Shortly after Figma, a crypto exchange called Bullish, backed by the tech billionaire Peter Thiel, announced it would go public. The shares could start trading as soon as this week."We now intend to IPO because we believe that the digital assets industry is beginning its next leg of growth," Bullish's Chief Executive Officer Tom Farley said in the offering's registration statement with the Securities and Exchange Commission.Bullish wants to raise just over $629 million in an IPO that would value the company at more than $4.2 billion. Interestingly, Bullish is planning to convert a chunk of the proceeds into a U.S. dollar-backed stablecoin. The crypto exchange focuses on institutional traders, offering a variety of services including spot, margin, derivatives trading, and liquidity and risk management.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool