Bullish Files $629.3M IPO Targeting $4.23B Valuation

Bullish, a digital asset exchange backed by billionaire investor Peter Thiel, has filed for a $629.3 million U.S. initial public offering, targeting a $4.23 billion valuation. The offering includes 20.3 million ordinary shares priced between $28 and $31, with the IPO led by J.P. Morgan, Jefferies, and Citigroup. The exchange plans to list on the New York Stock Exchange under the ticker symbol “BLSH.” This is the firm’s second attempt to go public, following a 2021 SPAC merger that was canceled in 2022 due to regulatory uncertainty [1].

Bullish disclosed in its SEC filing that a large portion of the proceeds will be converted into U.S. dollar-backed stablecoins with the assistance of one or more stablecoin issuers, though no specific partners were named. The company also indicated that the funds will be used for general corporate purposes, including potential acquisitions. As of June 30, 2025, Bullish holds stablecoins, Bitcoin, and Ethereum in its inventory and intangible assets, totaling approximately $231,870 [2].

The offering comes amid a more favorable regulatory climate in the U.S., with the passage of the GENIUS Act and the Trump administration’s pro-crypto stance cited as key enablers of the exchange’s strategy. Bullish aims to expand its liquidity services to stablecoin and crypto issuers post-IPO and is positioning itself as a compliant platform catering to institutional clients. CEO Thomas Farley, of the New York Stock Exchange, leads the company’s efforts to build a secure and stable trading environment [3].

In the first quarter of 2025, Bullish reported a net loss of $349 million, down from a $105 million profit in the same period the previous year. The decline is attributed to a drop in the fair value of its crypto holdings, underscoring the volatility inherent in the sector. Despite the loss, the company remains focused on long-term growth through regulatory alignment and market expansion [4].

The IPO filing has attracted interest from institutional investors, including funds affiliated with BlackRock and Ark Invest, which may purchase up to $200 million in shares. However, no binding agreements have been finalized, and underwriters retain discretion over share allocation. The move is part of a broader trend in the crypto industry, with exchanges such as Kraken, Gemini, Grayscale, and BitGo also preparing for public listings [5].

Bullish’s public offering follows the successful debut of stablecoin issuer Circle Internet, whose stock has surged by nearly 167% since its IPO earlier this year. The company’s strategy to convert IPO proceeds into stablecoins aligns with recent market trends and reflects a growing emphasis on liquidity and institutional-grade trading infrastructure.

Source:

[1] Bullish Aims for $629M IPO Amid Crypto Market Resurgence, AInvest, [https://www.ainvest.com/news/bullish-aims-629m-ipo-crypto-market-resurgence-2508/](https://www.ainvest.com/news/bullish-aims-629m-ipo-crypto-market-resurgence-2508/)

[2] Bullish IPO: Thiel-Backed Crypto Exchange Eyes $629M, CoinGape, [https://coingape.com/bullish-ipo-peter-thiel-backed-crypto-exchange-eyes-629m-raise/](https://coingape.com/bullish-ipo-peter-thiel-backed-crypto-exchange-eyes-629m-raise/)

[3] Bullish Files $4.23 Billion IPO Amid U.S. Policy Shifts and Stablecoin Growth, AInvest, [https://www.ainvest.com/news/bullish-files-4-23-billion-ipo-policy-shifts-stablecoin-growth-2508/](https://www.ainvest.com/news/bullish-files-4-23-billion-ipo-policy-shifts-stablecoin-growth-2508/)

[4] Peter Thiel-backed Bullish eyes $4.2b valuation, $629m IPO, Tech, [https://www.techinasia.com/news/peter-thielbacked-bullish-eyes-42b-valuation-629m-ipo](https://www.techinasia.com/news/peter-thielbacked-bullish-eyes-42b-valuation-629m-ipo)