Bullish, a crypto exchange backed by prominent venture investor Peter Thiel, is seeking a $4.23 billion valuation at its proposed U.S. initial public offering (IPO).

The firm revealed its valuation target in an amended F-1 filing on Monday, sharing plans to raise $629.3 million by offering 20.3 million shares priced between $28 and $31 each.

This is Bullish’s second attempt to go public, after a 2021 IPO attempt targeting a $9 billion valuation was withdrawn in 2022 due to regulatory hurdles and market conditions.

This story is an excerpt from the Unchained Daily newsletter.

The company also plans to convert a significant portion of the IPO proceeds into U.S. dollar-denominated stablecoins, which could support stablecoin issuers.

Bullish’s filing comes amid growing regulatory clarity and improved market conditions for crypto exchanges in the U.S., following developments such as the GENIUS Act and other crypto-positive legislation.