Crypto exchange Bullish has set its sights on a valuation of up to USD 4.23 billion as it gears up for an initial public offering (IPO) in the United States.

The company initiated its IPO roadshow recently, offering 20.3 million shares priced between USD 28 and USD 31 each share. A fully subscribed offering at the higher end of this range would generate approximately USD 629.3 million in proceeds.

A Downward Adjustment

The targeted valuation marks a substantial reduction, over 50%, from the company’s earlier projection of USD 9 billion during its previous attempt to go public through a special purpose acquisition company (SPAC) in 2021. That deal was eventually abandoned in 2022 due to regulatory challenges at the time.

Proceeds from the IPO will partly be converted into USD-denominated stablecoins via partnerships with one or more token issuers, according to recent filings by Bullish officials. This approach aligns with a broader strategy involving the use of stablecoins in its operations.

Market Context and Investor Sentiment

The public offering coincides with growing interest in digital assets, bolstered by recent US policy developments. Legislative measures such as the GENIUS Act have laid a foundational framework for stablecoin regulation, potentially enhancing institutional confidence in the sector.

Bullish is a venture-capital-backed company that operates a digital asset exchange targeting institutional clients. In the first quarter of 2025, it reported a net loss of USD 349 million, reversing a profit of USD 105 million in the same period last year. The significant drop was largely due to a decline in the fair value of its crypto holdings.

Despite these fluctuations, some analysts believe investors are increasingly focusing on long-term operational efficiency rather than short-term market volatility. According to research firms monitoring IPO performance, investors will likely assess Bullish based on its profitability as a trading platform, independent of cryptocurrency price movements.