A New Crypto Exchange Backed by Peter Thiel Seeks $4.2 Billion IPO
A new player in the crypto exchange market, backed by billionaire investor Peter Thiel, is making waves with its plans to file for an initial public offering (IPO) valued at over $4.2 billion. Bullish, the name behind this ambitious venture, is aiming for a valuation of $4.23 billion for its upcoming IPO in the US, according to a recent report by Reuters.
Investing in Stablecoins
One of the key strategies that Bullish intends to pursue with the IPO funds is to invest in US-dollar-backed stablecoins. This move reflects the company’s commitment to stability and security in the volatile world of cryptocurrencies.
Funding and Shares
With plans to offer 20.3 million shares priced between $28-$31, Bullish is looking to raise up to $629 million through its IPO. This substantial funding will provide the company with the resources it needs to establish itself as a prominent player in the crypto exchange market.
Thiel’s Influence in the Crypto Space
Peter Thiel’s involvement in the crypto space doesn’t stop at Bullish. Another Thiel-backed firm, BitMine, has recently made headlines by amassing over $3 billion worth of Ethereum, positioning itself as the largest Ethereum treasury company globally. With the appointment of Tom Lee, the chairman of the board of directors, BitMine is on track to acquire and stake 5% of the total supply of ETH.
BitMine’s Ethereum Treasury Strategy
BitMine’s goal is to become the MicroStrategy of Ethereum, drawing parallels to the software company that holds a significant amount of Bitcoin. By accumulating a substantial portion of the ETH supply, BitMine aims to create a ‘Wall Street put’ that can provide stability and security for its holdings.
As Thiel’s ventures continue to make waves in the crypto space, the future looks promising for both Bullish and BitMine. Stay tuned for more updates on their progress and achievements.
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