Bullish Files for $4.2 Billion Valuation IPO to List on NYSE

Bullish, the cryptocurrency exchange backed by billionaire Peter Thiel, has filed for an initial public offering (IPO) in the U.S., aiming for a valuation of up to $4.2 billion. The company, which serves institutional crypto traders and owns media outlet CoinDesk, filed its SEC registration in June 2025 and has since updated its offering details [2]. The IPO includes 20.3 million shares priced between $28 and $31 each, which could raise up to $629 million [2]. The company will list on the New York Stock Exchange under the ticker symbol "BLSH."

A notable feature of the offering is Bullish’s plan to convert a significant portion of the IPO proceeds into U.S.-dollar denominated stablecoins. This strategy underscores the company’s integration into the stablecoin ecosystem and its alignment with the widespread use of stablecoins for digital asset settlements [1][4]. The move may help maintain liquidity while reflecting the ongoing importance of stablecoins in the crypto market.

BlackRock’s funds and ARK Investment Management have expressed interest in purchasing up to $200 million of shares at the IPO price. However, these commitments are not binding [2]. The filing highlights a broader trend of crypto firms seeking public listings amid growing institutional interest in digital assets. Bullish’s strategic expansion, including its acquisition of CoinDesk, has positioned it as a key player in both trading and media within the crypto space [2].

The decision to convert IPO proceeds into stablecoins raises questions about Bullish’s balance sheet management and regulatory compliance. With stablecoin reserves and transparency still under regulatory scrutiny, the company’s approach could set a precedent for how other crypto firms manage capital raised through public markets. Investors and market participants will be closely watching the offering’s reception and whether Bullish can achieve its targeted valuation.

Bullish’s success will depend on its ability to execute its business model and navigate the evolving regulatory landscape. As the IPO progresses, the firm’s performance will be a key indicator of institutional confidence in the crypto sector [4].

Source:

[1] Peter Thiel-backed Bullish seeks up to $4.2 billion valuation in US IPO. (Reuters) https://www.reuters.com/business/peter-thiel-backed-bullish-seeks-up-42-billion-valuation-us-ipo-2025-08-04/

[2] Peter Thiel-backed exchange Bullish targets $4.2 billion ... (Crypto Briefing) https://cryptobriefing.com/bullish-ipo-crypto-exchange/

[4] Capital Markets. (Yahoo Finance) https://finance.yahoo.com/sectors/financial-services/capital-markets/