CoinDesk found itself at the center of crypto industry news Monday. The platform’s current owner, Bullish, filed for its IPO. Meanwhile, former owner Barry Silbert’s DCG made leadership changes at Grayscale.
Bullish Eyes $629 Million IPO
Bullish seeks to raise up to $629 million through its public offering. The Peter Thiel-backed platform plans to sell 20.3 million shares. Share prices are expected to be between $28 and $31 each.
SponsoredBullish positions itself as an “institutionally-focused digital asset platform.” The company launched in 2021 with backing from prominent investors. Thiel, Alan Howard, Mike Novogratz, and Nomura provided early funding.
Bullish, led by Tom Farley, former President of the New York Stock Exchange (NYSE), acquired Coindesk from DCG in previous years.
Silbert Returns Amid Legal Challenges
Meanwhile, DCG founder Barry Silbert reclaimed his chairman role at Grayscale. He had resigned in December 2023 amid legal challenges. The New York Attorney General’s office had sued DCG over alleged investor deception.
Silbert‘s return coincides with Grayscale’s IPO preparations filed last month. The asset manager has successfully converted major trusts into ETFs. An IPO would cap a busy period for the DCG subsidiary. Grayscale converted its flagship Bitcoin Trust into a spot ETF in January and launched its Ethereum ETF in May.
Those conversions boosted Grayscale’s assets under management significantly. Both products now hold over $30 billion combined. Bitcoin and ether, hitting record highs this year, have enhanced valuations.
The developments highlight different trajectories for crypto infrastructure companies. Bullish positions itself as an “institutionally-focused digital asset platform.” CEO Tom Farley cited industry growth potential as IPO motivation.
Both companies benefit from the current crypto bull market cycle. Circle’s successful IPO earlier this year demonstrated investor appetite. Kraken also eyes a 2026 public offering at $15 billion valuation.
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