Bullish Files $4.2B Valued U.S. IPO on NYSE With $28–$31 Share Range

Peter Thiel-backed crypto exchange Bullish has filed for an initial public offering (U.S. IPO) on the New York Stock Exchange, signaling growing institutional confidence in the crypto sector [1]. The company, which operates as a foreign private issuer under U.S. law, aims to offer 20.3 million ordinary shares at a price range of $28.00 to $31.00 per share, potentially raising between $568 million and $629 million [1]. Based on the upper end of the proposed pricing, the IPO is expected to value the company at up to $4.2 billion [1].

Bullish, founded during the 2021 crypto bull run, is backed by prominent institutional investors including Peter Thiel’s Founders Fund and Galaxy Digital [1]. The filing reveals that BlackRock and ARK Investment Management, led by Cathie Wood, have shown non-binding interest in purchasing up to $200 million worth of shares at the offering price [1]. However, the company emphasized that the interest from these firms is not binding and the final allocation remains subject to the discretion of the underwriters [1].

The IPO comes at a pivotal time for the crypto industry, as major firms continue to test the appetite of public markets. Earlier in 2025, Circle, the stablecoin issuer behind USDC, made a notable debut on the NYSE with a share price surge exceeding 160% [1]. Bullish’s proposed listing could be one of the largest crypto-related IPOs of the year and will serve as an indicator of broader investor sentiment toward token-based platforms [1].

The underwriters also have a 30-day option to purchase up to an additional 3,045,000 shares, which could raise an additional $94 million before underwriting costs [1]. The filing highlights that the company will maintain a simple governance structure, with each ordinary share carrying one vote [1].

This move underscores the ongoing evolution of the crypto market, as more platforms seek to capitalize on mainstream financial infrastructure. If approved, Bullish would join publicly traded crypto firms such as Coinbase, Marathon Digital, and Bitfarms, offering a clearer picture of institutional and retail demand in the current market cycle [1].

Source: [1] Peter Thiel-Backed Crypto Exchange Bullish Files for U.S. IPO on NYSE at $4.23B Valuation (https://cryptonews.com/news/peter-thiel-backed-crypto-exchange-bullish-files-for-u-s-ipo-on-nyse/)