Bullish Files $629M IPO in U.S. Aiming $4.2B Valuation

Bullish, a digital asset platform backed by billionaire Peter Thiel, has filed for an initial public offering (IPO) in the U.S., aiming to raise up to $629 million by offering 20.3 million shares priced between $28.00 and $31.00 per share [2]. If the full range is achieved, the company would value Bullish at $4.2 billion [1]. The IPO, led by JPMorgan and Jeffries, is a sign of increased institutional and retail interest in the crypto market and follows the recent successful IPO of Circle Internet Financial, whose shares surged over 500% in the weeks following its public listing [2].

A notable aspect of Bullish’s offering is the company’s intention to convert a portion of the IPO proceeds into U.S. dollar-denominated stablecoins such as USDC or USD Coin [2]. This move underscores the growing role of stablecoins in facilitating transactions and managing liquidity risks within the crypto ecosystem [1]. It also reflects a strategic alignment with broader market trends where stablecoins are increasingly used in trading and settlement processes.

Bullish has attracted expressions of interest from major financial players including BlackRock and ARK Investment Management, each of which has indicated a non-binding intent to purchase up to $200 million worth of shares [2]. These commitments, while not binding, suggest a level of confidence from key players in the traditional finance sector and highlight the growing overlap between crypto and conventional capital markets.

Founded in 2021, Bullish was initially funded by a $10 billion raise led by Block.one and backed by high-profile investors such as Thiel, Alan Howard, and Mike Novogratz, with Japanese banking firm Nomura also participating [2]. The company currently employs over 275 people and operates CoinDesk, a prominent crypto news and research firm, which it acquired to bolster its media and research capabilities [2]. The IPO prospectus emphasizes CoinDesk’s role in supporting Bullish’s market infrastructure strategy.

While the offering is positioned as a strategic move to enhance credibility with partners and regulators and to provide access to capital and an equity currency for strategic acquisitions, it also raises questions around transparency and regulatory compliance [2]. The use of stablecoin reserves and the conversion of IPO proceeds into stablecoins may draw scrutiny from regulators, especially as the broader crypto market remains under regulatory review. Bullish will need to demonstrate its ability to navigate these challenges while maintaining operational efficiency and investor confidence.

The success of the offering will depend on Bullish’s ability to deliver on its business model, sustain regulatory compliance, and capitalize on the expanding digital asset market. As the firm moves toward a public listing, it will serve as a key indicator of the crypto sector’s broader acceptance in mainstream finance and institutional confidence in blockchain-based platforms [2].

Source:

[1] Peter Thiel-backed Bullish seeks up to $4.2 billion valuation in US IPO. (Reuters) https://www.reuters.com/business/peter-thiel-backed-bullish-seeks-up-42-billion-valuation-us-ipo-2025-08-04/

[2] Peter Thiel-backed exchange Bullish targets $4.2 billion ... (Crypto Briefing) https://cryptobriefing.com/bullish-ipo-crypto-exchange/

[4] Capital Markets. (Yahoo Finance) https://finance.yahoo.com/sectors/financial-services/capital-markets/