Digital-asset exchange Bullish filed for a U.S. initial public offering that could raise as much as $629.3 million and value the company at up to $4.23 billion, according to an F-1 registration made public on Monday. The Cayman Islands-registered firm plans to sell about 20.3 million shares at $28 to $31 each and list on the New York Stock Exchange under the ticker “BLSH.” Bullish, backed by venture capitalist Peter Thiel and led by former NYSE president Thomas Farley, said it would use a portion of the proceeds to purchase U.S. dollar-denominated stablecoins. J.P. Morgan, Jefferies and Citigroup are joint book-runners on the deal, which launches the company’s roadshow this week. The filing marks Bullish’s second attempt to enter public markets after a $9 billion SPAC merger was shelved in 2022. The exchange, regulated in the United States, Germany, Hong Kong and Gibraltar, more than doubled trading volumes in 2023 and acquired crypto news site CoinDesk last year as it broadens its institutional-focused services.