Bullish Files $629M IPO to Target $4.2B Valuation

Bullish, a crypto exchange and media platform backed by billionaire Peter Thiel, has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), seeking to raise up to $629 million by offering 20.3 million shares priced between $28 and $31 each [1]. If executed at the top end of the price range, the offering would value the company at $4.2 billion. The firm aims to list on the New York Stock Exchange under the ticker symbol “BLSH,” with potential trading as early as August 12 [2]. This marks Bullish’s second attempt to go public, following the collapse of a $9 billion SPAC merger in 2021 due to market and time constraints [3]. The company cited improved regulatory clarity and a more favorable market environment as key factors in its current IPO strategy [4].

According to the filing, Bullish plans to use IPO proceeds to expand its product offerings, including options trading, and to grow its global footprint [5]. The firm also intends to convert a portion of the funds into U.S. dollar-denominated stablecoins. Tom Farley, CEO of Bullish, emphasized that the IPO is a strategic move to build credibility with regulators, partners, and institutional clients while enhancing access to capital for future acquisitions [6]. Bullish reported a significant increase in trading volume in 2024, with a 78% rise in Q1 2025 compared to the same period in 2024 [7]. The firm also expects a $225 million boost in net income for the three months ending June 30, 2025, largely driven by changes in the fair value of its digital assets [8].

Major institutional investors have already signaled interest in the IPO. Accounts managed by subsidiaries of BlackRock and Ark Invest have expressed intent to purchase up to $200 million in Bullish shares at the IPO price [9]. This aligns with a broader trend of crypto firms seeking public listings, including Circle, which saw its shares surge over 500% on its initial trading day [10]. Other companies like Kraken, OKX, and BitGo are also reportedly in the process of preparing their own public debuts.

Bullish, which operates the crypto media outlet CoinDesk, is positioning itself as a leader in institutional crypto adoption. The firm’s emphasis on regulatory compliance and transparency is seen as a key differentiator in an industry that has faced scrutiny and volatility [11]. By aligning with major institutional players and pursuing a public listing, Bullish aims to strengthen its market presence and capitalize on the growing legitimacy of crypto assets among traditional investors and regulators.

Source:

[1] https://www.reuters.com/business/peter-thiel-backed-bullish-seeks-up-42-billion-valuation-us-ipo-2025-08-04/

[2] https://techfundingnews.com/amidst-crypto-ipo-surge-peter-thiel-backed-bullish-eyes-to-raise-629m-at-4-2b-valuation/

[3] https://finance.yahoo.com/news/crypto-company-bullish-raise-629m-185748750.html

[4] https://www.industryleadersmagazine.com/peter-thiel-backed-bullish-eyes-629m-in-ipo-debut-on-wall-street/

[8] https://99bitcoins.com/news/bitcoin-btc/bullish-aims-for-4-2b-valuation-with-new-u-s-ipo-filing/

[10] https://coinmarketcap.com/community/articles/689203c4305a424e52fc54ec/