Bullish Files $4.23 Billion IPO Amid U.S. Policy Shifts and Stablecoin Growth

Bullish, the institutional cryptocurrency exchange backed by tech billionaire Peter Thiel, has filed for a U.S. initial public offering (IPO) targeting a valuation of up to $4.23 billion. The firm is offering 20.3 million shares priced between $28 and $31, which could raise as much as $629.3 million [1]. The IPO follows the cancellation of a 2022 merger with a special-purpose acquisition company (SPAC), which had sought a $9 billion valuation amid regulatory uncertainty [2]. The renewed attempt comes at a time of shifting policy under the Trump administration, including the passage of the GENIUS Act, the first federal guidelines for stablecoins [3].

In its prospectus, Bullish outlined plans to convert a significant portion of the IPO proceeds into U.S. dollar-backed stablecoins, aligning with a growing trend among crypto firms to anchor reserves in regulated digital assets [4]. The company is led by former New York Stock Exchange president Thomas Farley, and the IPO is being underwritten by J.P. Morgan, Jefferies, and Citigroup. Shares are expected to trade under the ticker symbol “BLSH” on the New York Stock Exchange [5].

Despite Bullish’s ambitious valuation, the company reported a $349 million loss in the first quarter of 2025, driven largely by mark-to-market declines in its crypto holdings [6]. However, analysts suggest that investors may focus more on the firm’s core exchange profitability and operational efficiency rather than short-term losses. The IPO filing comes just days after Coinbase, the largest publicly traded crypto exchange, reported a decline in second-quarter profits amid weak trading activity. Despite this, broader investor sentiment appears to be shifting toward long-term structural plays in the digital asset space [7].

The move reflects a growing confidence in the potential for crypto assets to gain further institutional adoption. Bullish’s platform is designed to facilitate trading for institutional clients and to bridge the gap between traditional finance and the crypto markets. Its ability to attract high-profile investors and secure a robust valuation signals optimism about its long-term growth strategy and the evolving regulatory environment [8].

However, the firm faces typical crypto-sector challenges, including market volatility and ongoing regulatory scrutiny. While recent policy shifts are favorable, they remain subject to change under different administrations or legislative actions [9]. Bullish will need to navigate these uncertainties while maintaining operational stability and demonstrating value to public market investors.

The IPO could represent a pivotal moment for Bullish and set a precedent for other crypto platforms seeking public listings. If successful, it may signal increased mainstream acceptance of digital assets and broader integration of blockchain technology into traditional financial infrastructure [10].

Source:

[1] https://www.techmeme.com/250804/p19

[2] https://www.ainvest.com/news/bullish-files-4-23-billion-valuation-ipo-nyse-spac-cancellation-2508/

[3] https://www.techinasia.com/news/peter-thielbacked-bullish-eyes-42b-valuation-629m-ipo

[4] https://www.ainvest.com/news/bullish-files-4-2-billion-valuation-ipo-list-nyse-2508/

[5] https://coinmarketcal.com/tr/news/peter-thiel-backed-bullish-seeks-4-2b-ipo-amid-policy-shifts-in-the-us

[6] https://cryptoslate.com/peter-thiel-backed-bullish-seeks-4-2b-ipo-amid-policy-shifts-in-the-us/

[7] https://crypto-economy.com/bullish-goes-public-4-2b-crypto-giant-eyes-massive-ipo-backed-by-jpmorgan/