According to regulatory filings filed on August 4, the institutional crypto exchange supported by tech billionaire Peter Thiel targets valuations of up to $4.23 billion in the initial US public offering.
The company offers 20.3 million shares at a price of between $28 and $31, potentially raising $629.3 million, Reuters reported on the same day.
If successful, Brisch will debut at a sudden discount on a $9 billion valuation that once failed a 2021 merger with the blank check company. That previous transaction was scrapped in 2022 due to regulatory uncertainty.
This IPO attempt lies in a more friendly policy environment under the Trump administration. This outlines stablecoins’ first federal guidelines and helps to reform interest in crypto-related stocks.
Brush, led by former New York Stock Exchange President Thomas Farley, said in his prospectus he plans to convert a significant portion of the IPO into US dollar-backed stubcoins with the support of one or more token issues. The move reflects recent trends in crypto companies to lock reserves with regulated digital dollars.
In the first quarter of 2025, Bruisch recorded a loss of $349 million, driven primarily by a market-to-market decline in crypto-holding stocks, but investors may focus on the profitability and operational efficiency of the core exchange.
The service is led by JP Morgan, Jeffreys and Citigroup. The shares will be traded on the New York Stock Exchange under the ticker symbol “BLSH.”
Bullish submissions come days after Coinbase, the largest publicly traded crypto exchange, reported a decline in second quarter profits amid slower trading activity. Despite DIP, broader investors sentiment appears to be changing towards long-term structural theatre in the digital asset sector.
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