Bullish Files for $629M IPO on NYSE Amid Crypto Sector Optimism

Bullish, a crypto exchange focused on institutional investors and backed by billionaire Peter Thiel, has launched its initial public offering (IPO) in the U.S. The company is offering 20,300,000 ordinary shares at a price range of $28 to $31 per share, with a potential valuation of up to $4.23 billion [1]. The IPO is expected to raise up to $629 million, with proceeds to be allocated toward general corporate operations, working capital, and future acquisitions [1].

The exchange will list on the New York Stock Exchange under the ticker symbol “BLSH” [1]. The offering remains subject to market conditions, and there is no guarantee of the timing or terms of the completion of the IPO [1].

Bullish’s IPO filing follows its registration of Form F-1 with the U.S. Securities and Exchange Commission (SEC) in July [1]. This aligns with broader industry optimism in the digital asset sector, particularly as U.S. regulators have taken steps toward providing clearer frameworks for crypto assets. Recent developments include the introduction of the GENIUS Act and the SEC’s Project Crypto initiative [1].

The move comes amid a wave of crypto-related IPOs, with major players such as Coinbase and Circle already listed on U.S. exchanges. In June, Circle’s listing on the NYSE saw its stock surge more than 400% above the listing price, despite broader market volatility in the crypto space [1]. Grayscale Investments has also submitted its S-1 registration with the SEC, and other platforms including OKX and BitGo are reportedly considering public offerings [1].

This is Bullish’s second attempt at an IPO, and the firm is regulated in several jurisdictions beyond the U.S., including Germany, China Hong Kong, and Gibraltar [1]. Its entry into the public market highlights the growing legitimacy of crypto infrastructure firms and the increasing demand for institutional-grade digital asset services.

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[1] https://coinmarketcap.com/community/articles/6890d69c0123344c94ed51b3/