Bullish Files $629M IPO Aimed at $4.2B Valuation on NYSE

Bullish, a crypto trading platform backed by Peter Thiel, has filed for a U.S. initial public offering (IPO), aiming to raise up to $629 million through the sale of 20.3 million shares priced between $28 and $31. At the top end of the proposed range, the offering values the firm at approximately $4.2 billion. The IPO is set to list on the New York Stock Exchange under the ticker symbol "BLSH" [1][2][3]. The company’s strategic timing reflects a broader shift in the regulatory landscape, which has become more accommodating to crypto firms seeking public market funding [7].

According to the filing, a portion of the IPO proceeds will be converted into Bitcoin and other crypto assets, reinforcing Bullish’s deep integration with the digital asset ecosystem. The platform has positioned itself as a regulated, institutional-grade exchange that emphasizes security and compliance, aiming to serve both retail and institutional investors [4][5]. CEO Thomas W. Farley emphasized that the platform was founded in 2020 with the goal of building a global exchange that enables optimized trading execution through a customizable and compliance-first infrastructure [5].

The IPO is seen as a significant milestone for the digital finance sector, potentially expanding institutional participation in crypto markets and increasing the availability of spot trading liquidity in major digital assets like Bitcoin and Ethereum [1][5]. Analysts note that Bullish’s offering may set a precedent for future crypto IPOs, particularly in how it navigates regulatory expectations while maintaining growth [8]. The firm’s valuation target signals strong investor confidence in its business model and the broader crypto market [3].

This offering is among the largest crypto-related IPOs in recent years and is being closely monitored by both investors and industry observers. The consistent pricing range and share allocation across multiple filings suggest a well-structured and coordinated roadshow strategy [9]. The company’s ability to attract backing from major investors like BlackRock and ARK Investment Management further bolsters its market credibility [5].

The IPO filing comes amid growing interest in crypto platforms going public, with several exchanges and infrastructure providers exploring similar capital-raising strategies. Bullish’s focus on compliance and institutional-grade services positions it to capture a larger share of the digital asset market, potentially driving broader adoption and integration within traditional financial systems.

Source:

[1] CoinDesk – [https://www.coindesk.com/business/2025/08/04/crypto-exchange-bullish-seeks-to-raise-up-to-usd629m-in-new-york-share-sale](https://www.coindesk.com/business/2025/08/04/crypto-exchange-bullish-seeks-to-raise-up-to-usd629m-in-new-york-share-sale)

[2] Yahoo – [https://finance.yahoo.com/news/crypto-firm-bullish-seeks-raise-140005388.html](https://finance.yahoo.com/news/crypto-firm-bullish-seeks-raise-140005388.html)

[3] AInvest – [https://www.ainvest.com/news/bullish-files-629m-ipo-aiming-4-2b-valuation-2508/](https://www.ainvest.com/news/bullish-files-629m-ipo-aiming-4-2b-valuation-2508/)

[4] 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)

[5] Mitrade – [https://www.mitrade.com/insights/news/live-news/article-3-1010412-20250804](https://www.mitrade.com/insights/news/live-news/article-3-1010412-20250804)

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

[7] Yahoo – [https://finance.yahoo.com/quote/CRCL/](https://finance.yahoo.com/quote/CRCL/)

[8] CoinDesk – [https://www.coindesk.com/business/2025/08/04/custody-bank-caceis-backs-tokenized-sme-exchange-in-europe](https://www.coindesk.com/business/2025/08/04/custody-bank-caceis-backs-tokenized-sme-exchange-in-europe)

[9] Ground – [https://ground.news/interest/cryptocurrency](https://ground.news/interest/cryptocurrency)