Bullish, the cryptocurrency exchange backed by investor Peter Thiel, has initiated the roadshow for its initial public offering (IPO), aiming for a valuation of up to $4.23bn. The exchange plans to issue 20.3 million ordinary shares to raise $629m, with an anticipated price range for each share set between $28 and $31.

Crypto exchange Bullish is targeting a valuation of up to $4.23 billion in its United States listing, the company said in a filing on Monday, launching its roadshow to capitalize on the momentum built by digital assets amid regulatory clarity.

A new SEC filing has revealed more details about the Bullish IPO, with the Peter Thiel-backed crypto exchange looking to raise $629 million.