Bitcoin News Today: Bullish Files for $629M U.S. IPO Targeting $4.23B Valuation

Bullish, a cryptocurrency exchange backed by Peter Thiel, has set the terms for its long-anticipated U.S. initial public offering (IPO), aiming to raise up to $629 million by offering 20.3 million shares at a price range of $28 to $31 per share [1]. If priced at the top of the range, the offering would value the firm at approximately $4.23 billion [2]. The shares are expected to list on the New York Stock Exchange under the ticker symbol "BLSH," with a nominal value of $0.02 per share [3].

The IPO represents a strategic move for Bullish, which is based in the Cayman Islands but seeks to establish a stronger foothold in the U.S. market. The company plans to convert a significant portion of the IPO proceeds into U.S.-dollar stablecoins, aligning with its broader strategy to facilitate digital asset liquidity and institutional trading [4]. Bullish also intends to allocate funds toward potential acquisitions, operational expansion, and compliance strengthening, further reinforcing its position in a more regulated financial environment [5].

Interest from major institutional investors has been a key development in the IPO process. Funds managed by BlackRock and Ark Invest have expressed interest in purchasing up to $200 million in shares, though no firm agreements have been finalized. The final structure and scale of the offering will depend on market conditions and underwriter decisions [6]. J.P. Morgan, Jefferies, and Citigroup have been confirmed as lead underwriters for the IPO, highlighting the involvement of major investment institutions in the process [7].

This IPO follows Bullish’s earlier failed attempt in 2022, with the current filing reflecting a more mature market environment and a restructured approach to capital raising. The firm’s move comes amid broader regulatory developments in the U.S. crypto space, including the introduction of the GENIUS Act and other policy shifts aimed at creating a more definitive governance framework [8]. Bullish has registered with the U.S. Securities and Exchange Commission and submitted its listing application, aligning with industry trends toward greater transparency and compliance.

The IPO filing also reveals that as of June 30, 2025, Bullish holds stablecoins, Bitcoin, and Ethereum valued at over $231,000, along with intangible crypto assets worth approximately $1.9 million. These disclosures provide investors with insight into the company’s asset composition and liquidity position [9].

Bullish is not the only crypto firm pursuing a public listing. Competitors such as Kraken, Gemini, BitGo, and Grayscale are also in the process of filing for IPOs, following the example set by Circle, which raised over $1 billion through its own IPO in June 2025. This trend underscores the growing legitimacy of crypto firms within traditional financial markets and their increasing appetite for public capital [10].

Source:

[1] AInvest, [https://www.ainvest.com/news/bullish-files-4-23-billion-ipo-policy-shifts-stablecoin-growth-2508/](https://www.ainvest.com/news/bullish-files-4-23-billion-ipo-policy-shifts-stablecoin-growth-2508/)

[2] 99Bitcoins, [https://99bitcoins.com/news/bitcoin-btc/bullish-aims-for-4-2b-valuation-with-new-u-s-ipo-filing/](https://99bitcoins.com/news/bitcoin-btc/bullish-aims-for-4-2b-valuation-with-new-u-s-ipo-filing/)

[3] CryptoRank, [https://cryptorank.io/news/feed/de5fd-peter-thiel-backed-crypto-exchange-bullish-files-for-u-s-ipo-on-nyse](https://cryptorank.io/news/feed/de5fd-peter-thiel-backed-crypto-exchange-bullish-files-for-u-s-ipo-on-nyse)

[4] CoinCentral, [https://coincentral.com/peter-thiel-backed-bullish-launches-roadshow-for-629-million-public-offering-and-nyse-listing/](https://coincentral.com/peter-thiel-backed-bullish-launches-roadshow-for-629-million-public-offering-and-nyse-listing/)

[5] FinanceFeeds, [https://financefeeds.com/crypto-exchange-bullish-targets-4-2b-valuation-in-u-s-ipo/](https://financefeeds.com/crypto-exchange-bullish-targets-4-2b-valuation-in-u-s-ipo/)

[6] The, [https://m.economictimes.com/news/international/us/cryptocurrency-exchange-bullish-files-ipo-to-raise-629m-by-offering-over-20-million-shares-check-price-range-and-other-details/articleshow/123104357.cms](https://m.economictimes.com/news/international/us/cryptocurrency-exchange-bullish-files-ipo-to-raise-629m-by-offering-over-20-million-shares-check-price-range-and-other-details/articleshow/123104357.cms)