Cayman Islands-based crypto exchange Bullish is seeking to raise up to $629.3M through an initial public offering in the U.S., according to a filing with the Securities and Exchange Commission released on Monday.

Bullish, the cryptocurrency exchange backed by investor Peter Thiel, has initiated the roadshow for its initial public offering (IPO), aiming for a valuation of up to $4.23bn. The exchange plans to issue 20.

Crypto exchange Bullish is targeting a valuation of up to $4.23 billion in its United States listing, the company said in a filing on Monday, launching its roadshow to capitalize on the momentum built by digital assets amid regulatory clarity.