Bullish, the cryptocurrency exchange backed by billionaire Peter Thiel, said it would be seeking a valuation of more than $4 billion in an initial public offering.

Peter Thiel-backed crypto platform and CoinDesk owner Bullish seeks to raise $629 million through a US IPO at a $4.2 billion valuation.

Cryptocurrency exchange Bullish, backed by billionaire investor Peter Thiel, has officially entered the IPO arena with the filing of its F-1 registration with the U.S. Securities and Exchange Commission (SEC). The company plans to offer 20.3 million ordinary shares at a price range of $28 to $31, potentially raising up to $629 million.