Bullish Aims for $4.23 Billion Valuation in NYSE IPO Following Failed SPAC Deal

Bullish, a digital asset exchange backed by billionaire Peter Thiel, is preparing for an initial public offering (IPO) on the New York Stock Exchange, with a targeted valuation of $4.23 billion. In a filing on August 4, the company plans to offer 20.3 million shares at a price range of $28 to $31 per share, potentially raising up to $629 million. Underwriters also have the option to purchase an additional 3.045 million shares, which could increase the total offering by up to $94 million before underwriting costs [2]. The shares will trade under the ticker symbol BLSH.

The IPO will be underwritten by J.P. Morgan, Jefferies, and Citigroup. A significant portion of the IPO proceeds will be converted into U.S. dollar-backed stablecoins via regulated issuers, reflecting a growing industry trend to streamline on-chain settlements [2]. Bullish is led by former NYSE president Thomas Farley and is incorporated as a foreign private issuer, allowing it to operate under reduced disclosure requirements in the U.S. market [2].

Bullish is one of several crypto firms seeking traditional public market exposure, joining names such as Coinbase, Marathon Digital, and Bitfarms. Institutional investors like BlackRock and ARK Investment Management have expressed non-binding interest in purchasing up to $200 million worth of shares [2]. The company’s early 2025 financials showed a $349 million quarterly loss, primarily driven by valuation swings in its crypto portfolio [2]. Analysts are expected to focus on its institutional trading infrastructure and operating margins rather than its losses.

This latest listing attempt follows a failed SPAC deal in 2022. The current environment is seen as more favorable due to the Trump administration’s friendlier regulatory stance and the passage of the GENIUS Act, which is anticipated to boost appetite for digital asset equities [1]. The IPO comes at a pivotal time for crypto firms, with Coinbase recently reporting lower Q2 profits amid subdued trading activity but signaling a shift toward long-term digital asset investments [2].

The outcome of Bullish’s offering may serve as a barometer for broader investor sentiment toward crypto infrastructure in the public market [1]. The company is positioning itself as a key player in the integration of crypto into traditional finance, leveraging institutional backing and a strategic focus on regulated trading and custody services.

Source:

[1] https://www.livebitcoinnews.com/crypto-exchange-bullish-aims-for-4-23b-valuation-in-ipo/

[2] https://cryptonews.com/news/peter-thiel-backed-crypto-exchange-bullish-files-for-u-s-ipo-on-nyse/