Optimistic Targets $4.2B Valuation With Recent U.S. IPO Application
Uptrend, the crypto asset exchange backed by Peter Thiel, has made headlines again with a fresh IPO filing. This time, the firm is targeting a valuation of up to $4.23 billion as it prepares to go public in the U.S.This is a significant move, especially in light of a previous attempt that did not succeed.
IPO Could Generate up to $629 Million
The strategy is to offer just over 20 million shares, priced between $28 and $31. If all goes well and they reach the higher end of that spectrum, Uptrend could acquire more than $629 million.That’s prior to considering underwriting and additional costs.
NEW IPO: #Bullish
Some of you asked me to inform you when I noticed an #IPO, and here it is! pic.twitter.com/x9XlCrQHBw— XtinaRP (@xtina_george) August 4, 2025
A Second Attempt at Going Public
This isn’t the first occasion Uptrend has pursued an IPO. Initially, the firm intended to go public through a SPAC arrangement back in 2022. That original proposal was predicated on a significantly higher valuation, approaching $9 billion, but it was put on hodl when crypto market conditions soured. The new strategy is more prudent, but likely more attainable based on the current crypto market landscape.
Capital Strategy Features Stablecoin Involvement
In a detail that initially went under the radar, Bullish disclosed it plans to allocate a substantial portion of the IPO funds into dollar-pegged stablecoins. The aim is to reserve capital in crypto asset equivalents from selected providers, reflecting Bullish’s outlook on the crypto sector’s evolution and investment approaches.
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Increasing Momentum in Crypto IPOs
The timing of this IPO is appropriate. There’s been a revival of interest in crypto companies going public. Circle recently raised over a billion dollars and experienced a strong initial performance. Rumor has it that Kraken, eToro, and others are considering similar paths. It’s evident that the market demand for regulated, publicly listed crypto firms has returned.
Leadership and Media Assets Enhance Credibility
Tom Farley, a former head of the New York Stock Trading protocol, leads Bullish. This brings traditional financial expertise to a rapidly changing environment. Additionally, the company acquired CoinDesk in 2023, positioning it uniquely with a trading platform alongside a prominent crypto media presence.
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Mixed Financials Indicate Flashy yet Unstable Growth
Bullish’s financial performance presents a mixed narrative. In the first quarter of 2025, the company registered a net rekt of $349 million. A year prior, it had turned a profit of approximately $105 million. Much of this fluctuation is tied to how crypto assets are recognized on the balance sheet. Nonetheless, the primary question remains whether the business model can sustain ongoing profitability.
Broad Underwriting and Institutional Interest
The IPO is being backed by some of the largest names in Wall Street, including J.P. Morgan and Citigroup. Additionally, Bullish has garnered interest from powerful investors like BlackRock and ARK, which may each inject up to $200 million. These pledges are nonbinding at this point but demonstrate that significant entities are paying attention.
What to Watch For
All eyes will be focused on the IPO’s performance and whether investors embrace the new valuation. There’s also the question of how Optimistic will manage its exposure to stablecoins, navigate regulations across different jurisdictions, and whether its combined model of trading and media offers a competitive edge.
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Key Insights
- Uptrend is seeking a $4.2 billion valuation in its second IPO attempt, a significant reduction from its $9 billion SPAC plan that was abandoned in 2022.
- The IPO is looking to raise up to $629 million by selling just over 20 million shares, priced between $28 and $31 each.
- A portion of the proceeds aims to be converted into stablecoins, indicating Bullish’s focus on digital currency equivalents for effective capital management.
- Optimistic owns CoinDesk and is guided by former NYSE president Tom Farley, providing it with both media authority and conventional finance credibility.
- In spite of prominent support from investors like J.P. Morgan and BlackRock, Optimistic reported a $349 million wrecked in Q1 2025, raising concerns about its pathway to profitability.
The post Optimistic Aims for $4.2B Valuation With New U.S. IPO Filing appeared first on 99Bitcoins.
