Peter Thiel-backed Bullish seeks up to $4.2 billion valuation in US IPO
Companies leveraging crypto and related technologies have rallied on friendly policymaking from the Donald Trump administration, such as the recent passage of the GENIUS Act, which provides an initial regulatory framework for stablecoins.
Bullish, backed by billionaire Peter Thiel, plans to convert a significant portion of the IPO proceeds to U.S.-dollar denominated stablecoins with the assistance of one or more issuers of such tokens, it said in the filing.
Major stablecoin-issuer Circle Internet had a blowout debut on the NYSE in June and currently trades at more than 400% its IPO price.
Bullish is seeking up to $629.3 million by offering 20.3 million shares priced between $28 and $31 each, marking its second attempt to go public in four years.
At the top of its proposed range, the company will list on a more than 52% discount to its $9-billion valuation target in a 2021 blank check merger that it called off in 2022, citing regulatory hurdles.
Bullish, whose CEO Thomas Farley previously served as the president of the New York Stock Exchange, operates a crypto-trading exchange targeting institutions and is regulated in the U.S., Germany, Hong Kong and Gibraltar.
It also operates crypto news website CoinDesk, which it acquired from Barry Silbert's Digital Currency Group in 2023.
J.P.Morgan, Jefferies and Citigroup are the lead underwriters and the company aims to list on the NYSE under the symbol "BLSH".
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
7 minutes ago
- The Independent
Trump plans 100% tariff on computer chips, unless companies build in U.S.
President Donald Trump said Wednesday that he will impose a 100% tariff on computer chips, raising the specter of higher prices for electronics, autos, household appliances and other essential products dependent on the processors powering the digital age. 'We'll be putting a tariff of approximately 100% on chips and semiconductors,' Trump said in the Oval Office while meeting with Apple CEO Tim Cook. "But if you're building in the United States of America, there's no charge." The announcement came more than three months after Trump temporarily exempted most electronics from his administration's most onerous tariffs. The Republican president said companies that make computer chips in the U.S. would be spared the import tax. During the COVID-19 pandemic, a shortage of computer chips increased the price of autos and contributed to higher inflation. Investors seemed to interpret the potential tariff exemptions as a positive for Apple and other major tech companies that have been making huge financial commitments to manufacture more chips and other components in the U.S.. Big Tech already has made collective commitments to invest about $1.5 trillion in the U.S. since Trump moved back into the White House in January. That figure includes a $600 billion promise from Apple after the iPhone maker boosted its commitment by tacking another $100 billion on to a previous commitment made in February. Now the question is whether the deal brokered between Cook and Trump will be enough to insulate the millions of iPhones made in China and India from the tariffs that the administration has already imposed and reduce the pressure on the company to raise prices on the new models expected to be unveiled next month. Wall Street certainly seems to think so. After Apple's stock price gained 5% in Wednesday regular trading sessions, the shares rose by another 3% in extended trading after Trump announced some tech companies won't be hit with the latest tariffs while Cook stood alongside him. The shares of AI chipmaker Nvidia, which also has recently made big commitments to the U.S., rose slightly in extended trading to add to the $1 trillion gain in market value the Silicon Valley company has made since the start of Trump's second administration. The stock price of computer chip pioneer Intel, which has fallen on hard times, also climbed in extended trading. Inquiries sent to chip makers Nvidia and Intel were not immediately answered. The chip industry's main trade group, the Semiconductor Industry Association, declined to comment on Trump's latest tariffs. Demand for computer chips has been climbing worldwide, with sales increasing 19.6% in the year-ended in June, according to the World Semiconductor Trade Statistics organization. Trump's tariff threats mark a significant break from existing plans to revive computer chip production in the U.S. that were drawn up during the administration of President Joe Biden. Since taking over from Biden, Trump has been deploying tariffs to incentivize more domestic production. Essentially, the president is betting that the threat of dramatically higher chip costs would force most companies to open factories domestically, despite the risk that tariffs could squeeze corporate profits and push up prices for mobile phones, TVs and refrigerators. By contrast, the bipartisan CHIPS and Science Act that Biden signed into law in 2022 provided more than $50 billion to support new computer chip plants, fund research and train workers for the industry. The mix of funding support, tax credits and other financial incentives were meant to draw in private investment, a strategy that Trump has vocally opposed. — Liedtke reported from San Ramon, California.
Reuters
35 minutes ago
- Reuters
Trump announces $100 billion new investment pledge from Apple
WASHINGTON, Aug 6 (Reuters) - President Donald Trump announced on Wednesday that Apple (AAPL.O), opens new tab will invest an additional $100 billion in the United States, a move which will expand the company's domestic investment commitment and could help it sidestep potential tariffs on iPhones. The new pledge brings Apple's total investment commitment in the U.S. to $600 billion. Earlier this year, the company had announced it would invest $500 billion and hire 20,000 workers across the country over the next four years. The announcement centers on expanding Apple's supply chain and advanced manufacturing footprint in the U.S., but still falls short of Trump's demand that Apple begin making iPhones domestically. "Companies like Apple, they're coming home. They're all coming home," Trump told reporters in the Oval Office, moments after Apple CEO Tim Cook gave him a U.S.-made souvenir with a 24-karat gold base. "This is a significant step toward the ultimate goal of ensuring that iPhones sold in America also are made in America," Trump added. Asked if Apple could eventually build entire iPhones in the U.S., Cook noted that many components such as semiconductors, glass and Face ID modules are already made domestically, but said that final assembly will remain overseas "for a while." While the investment pledge is significant, analysts say the numbers align with Apple's typical spending patterns and echo commitments made during both the Biden administration and Trump's previous term. In May, Trump had threatened Apple with a 25% tariff on products manufactured overseas, a sharp reversal from earlier policy when his administration had exempted smartphones, computers and other electronics from rounds of tariffs on Chinese imports. Trump's effort to reshape global trade through tariffs cost Apple $800 million in the June quarter. "Today is a good step in the right direction for Apple, and it helps get on Trump's good side after what appears to be a tension-filled few months in the eyes of the Street between the White House and Apple," said Daniel Ives, an analyst with Wedbush Securities. Apple has a mixed track record when it comes to following through on investment promises. In 2019, for instance, Cook toured a Texas factory with Trump that was promoted as a new manufacturing site. But the facility had been producing Apple computers since 2013 and Apple has since moved that production to Thailand. Apple continues to manufacture most of its products, including iPhones and iPads, in Asia, primarily in China, although it has shifted some production to Vietnam, Thailand and India in recent years. Despite political pressure, analysts widely agree that building iPhones in the U.S. remains unrealistic due to labor costs and the complexity of the global supply chain. "The announcement is a savvy solution to the president's demand that Apple manufacture all iPhones in the U.S.," said Nancy Tengler, CEO and CIO of Laffer Tengler Investments, which holds Apple shares. Partners on Apple's latest U.S. investment effort include specialty glass maker Corning (GLW.N), opens new tab, semiconductor manufacturing equipment supplier Applied Materials (AMAT.O), opens new tab, and chipmakers Texas Instruments (TXN.O), opens new tab, GlobalFoundries (GFS.O), opens new tab, and Broadcom (AVGO.O), opens new tab. Apple shares closed up 5% on Wednesday. Shares of Corning rose nearly 4% in extended trading, while Applied Materials gained almost 2%.
The Guardian
38 minutes ago
- The Guardian
Trump plans 100% tariffs on chips but spares companies ‘building in US'
Donald Trump said he would impose a 100% tariff on computer chips, likely raising the cost of electronics, autos, household appliances and other goods deemed essential for the digital age. 'We'll be putting a tariff on of approximately 100% on chips and semiconductors,' Trump said in the Oval Office while meeting with Apple CEO Tim Cook. 'But if you're building in the United States of America, there's no charge.' The Republican president said companies that make computer chips in the US would be spared the import tax. During the Covid-19 pandemic, a shortage of computer chips increased the price of autos and contributed to an overall uptick in inflation. Inquiries sent to chip makers Nvidia and Intel were not immediately answered. Demand for computer chips has been climbing worldwide, with sales increasing 19.6% in the year-ended in June, according to the World Semiconductor Trade Statistics organization. Trump's tariff threats mark a significant break from existing plans to revive computer chip production in the United States. He is choosing an approach that favors the proverbial stick over carrots in order to incentivize more production. Essentially, the president is betting that higher chip costs would force most companies to open factories domestically, despite the risk that tariffs could squeeze corporate profits and push up prices for mobile phones, TVs and refrigerators. By contrast, the bipartisan Chips and Science Act signed into law in 2022 by Joe Biden provided more than $50bn to support new computer chip plants, fund research and train workers for the industry. The mix of funding support, tax credits and other financial incentives were meant to draw in private investment, a strategy that Trump has vocally opposed.
