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.