Bullish Files for $4.23 Billion Valuation IPO on NYSE After SPAC Cancellation

Bullish, a cryptocurrency exchange backed by billionaire Peter Thiel, has filed for an initial public offering (IPO) in the United States, aiming for a $4.23 billion valuation. The platform plans to raise up to $629 million by issuing 20.3 million shares priced between $28 and $31, which would result in a lower valuation than its previously projected $9 billion in 2021 [1]. This marks Bullish’s second attempt to go public, after it had canceled a SPAC deal in 2022 due to regulatory concerns.

The IPO filing was submitted to the U.S. Securities and Exchange Commission (SEC) on July 19 and the shares are expected to trade on the New York Stock Exchange (NYSE) under the ticker symbol BLSH [1]. The move aligns with a broader regulatory shift in the U.S., particularly with the passage of the GENIUS Act, which provides clearer guidelines for stablecoins and supports crypto innovation. This legislative development has encouraged more crypto firms to seek public market exposure [1].

In a strategic move, Bullish intends to convert a portion of the IPO proceeds into USD-pegged stablecoins, using trusted issuers to facilitate this transition. The company cited this as a way to enhance platform liquidity and support more efficient trading services. This approach mirrors the strategy of stablecoin issuer Circle, whose recent IPO saw its stock price surge by over 400% [1]. The decision signals confidence in the long-term viability of stable digital assets and reflects a growing trend of integrating crypto into traditional financial systems.

Bullish has also expanded its footprint in the crypto ecosystem by acquiring CoinDesk, a major crypto news outlet, in 2023. This acquisition has helped the exchange strengthen its market influence and media reach, particularly in the institutional trading space. The platform is now working on integrating media and market access into a single ecosystem [1].

Despite these strategic moves, Bullish reported a $349 million loss in the first quarter of 2025, a stark contrast to the $105 million profit recorded in the same period the previous year. The drop is largely attributed to the decline in crypto asset values, highlighting the volatile nature of the sector [1]. The company, however, remains optimistic about its future, particularly with the support of high-profile investors such as Thiel Capital, Founders Fund, Nomura, and Mike Novogratz. Current CEO Thomas Farley, a of NYSE, is expected to leverage his experience to navigate the IPO process [1].

While the IPO appears to have garnered interest from major institutions, including BlackRock and ARK, which have reportedly expressed interest in purchasing up to $200 million in shares [2], the success of the offering will depend on prevailing market conditions and investor sentiment at the time of listing [6]. Bullish’s journey to public markets reflects both the growing institutional interest in crypto and the ongoing regulatory evolution in the U.S. [4].

Source:

[1] title1.............................(https://www.livebitcoinnews.com/crypto-exchange-bullish-aims-for-4-23b-valuation-in-ipo/)

[2] title2.............................(https://coincentral.com/peter-thiel-backed-bullish-launches-roadshow-for-629-million-public-offering-and-nyse-listing/)

[6] title6.............................(https://cryptonews.com/news/blockchain-news/)