Bitcoin News Today: Bullish Files for NYSE IPO with $2.5 Billion Daily Volume

Bullish, a cryptocurrency exchange backed by prominent venture capitalist Peter Thiel, has filed for an initial public offering (IPO) and plans to trade on the New York Stock Exchange (NYSE) under the ticker symbol BLSH. This move marks a significant step for the exchange, which has been operating in the competitive cryptocurrency market. The exchange reported over $2.5 billion in daily trading volume, indicating a robust user base and market activity.

Bullish's journey to going public has not been without challenges. The company had previously attempted to go public through a special purpose acquisition company (SPAC) in 2021. However, that deal fell through in 2022 amid market uncertainties and regulatory hurdles. Despite these setbacks, Bullish has persevered and is now pursuing a traditional IPO route, which is seen as a more straightforward path to public listing.

The decision to go public comes at a time when the cryptocurrency market is experiencing increased scrutiny and regulation. Bullish's filing for an IPO on the NYSE suggests a commitment to transparency and compliance, which could attract institutional investors and further legitimize the cryptocurrency exchange in the eyes of traditional financial markets. The exchange's ability to navigate regulatory challenges and maintain strong trading volumes will be crucial in determining its success post-IPO.

Bullish's IPO filing also highlights the growing interest in cryptocurrency exchanges among investors. The exchange's backer, Peter Thiel, is known for his early investments in companies like Facebook and Palantir Technologies, and his involvement in Bullish adds credibility to the exchange's prospects. The IPO could provide Bullish with the capital needed to expand its services, enhance its technology, and compete more effectively in the global cryptocurrency market.

The cryptocurrency market has seen significant growth in recent years, driven by increasing adoption and innovation. However, it has also faced challenges, including market volatility and regulatory uncertainties. Bullish's decision to go public on the NYSE could signal a shift towards greater stability and legitimacy for the cryptocurrency industry as a whole. The exchange's success in navigating the IPO process and maintaining strong trading volumes will be closely watched by industry participants and investors alike.

Bullish, the crypto exchange backed by Peter Thiel, filed to go public on Friday, according to documents reviewed from the company’s IPO registration. The platform, which was launched as a spinout of Block.one, wants to list its shares on the New York Stock Exchange under the ticker symbol BLSH, marking another step in crypto’s growing push into traditional equity markets. The filing was submitted by Tom Farley, the firm’s CEO and of the NYSE. Tom now leads Bullish as it aims to scale beyond the private markets it’s been operating in. The IPO filing also revealed raw numbers. As of March 31, Bullish has processed over $1.25 trillion in total trading volume since launching. In the first quarter of 2025 alone, it reported $2.5 billion in average daily volume, which places it in the top five exchanges globally for spot Bitcoin and Ether trades. That’s based on internal data provided directly by the company.

Bullish builds on big names, big volumes, and big politics. The exchange started with cash from Founders Fund, Thiel Capital, Nomura, Mike Novogratz, and others. In 2023, Bullish bought crypto news outlet CoinDesk, adding media muscle to its platform. It now competes directly with Binance, Coinbase, and Kraken, as noted in the public prospectus. Tom didn’t comment directly in the filing, but the document did include a line from Bullish’s leadership that read: “In the first quarter of 2025, Bullish exchange executed over $2.5 billion in average daily volume, ranking in the top five exchanges by spot volume for Bitcoin and Ether.”

This year has already seen multiple crypto companies try to grab a piece of the public market. Circle, the stablecoin issuer, went public in June and its valuation has climbed more than sevenfold since. In May, Etoro also debuted with a platform that allows users to trade crypto assets. Novogratz’s own company, Galaxy Digital, migrated its listing from Toronto to the Nasdaq. Meanwhile, Gemini, the exchange created by Cameron and Tyler Winklevoss, quietly filed for its own U.S. IPO last month.

Bitcoin hasn’t been sitting still either. It’s currently trading above $117,000, a major jump from the $94,000 range it was hovering around at the start of 2025. Capital is still pouring into the sector, and that momentum is giving firms like Bullish more leverage when approaching public markets. On the regulatory side, President Donald Trump signed the GENIUS Act into law on the same day as Bullish’s IPO filing. The act introduces new stablecoin regulations to protect consumers. These digital tokens are supposed to be pegged to things like the U.S. dollar and are marketed as less volatile alternatives to regular crypto. Bullish’s SEC filing made its intentions clear: the company said it aims to “drive the adoption of stablecoins, crypto, and blockchain technology.” That wording wasn’t a throwaway. It’s directly tied to the bigger political forces backing this entire move. Thiel, Elon Musk, and David Sacks, who currently leads Trump’s AI and crypto strategy team, have all dumped massive funding into Trump’s reelection campaign. They’ve also pushed hard for laws that formally legitimize crypto exchanges and assets at the federal level.