Bullish Files for IPO Amid Crypto Industry Surge

Bullish, a cryptocurrency exchange co-founded by Peter Thiel, has filed for an Initial Public Offering (IPO) in the United States. The company, which counts Thiel as an investor, plans to trade on the New York Stock Exchange under the ticker symbol "BLSH." This move comes amid a surge in interest and investment in the cryptocurrency industry, with several other digital asset firms also seeking public listings.

The company, based in the Cayman Islands and led by CEO Tom Farley, a veteran of the finance industry and of the New York Stock Exchange, was initially backed by Thiel's Founders Fund and Thiel Capital, along with other prominent investors such as Nomura and Mike Novogratz. The exchange was spun out of Block.one and has since acquired the crypto news site CoinDesk in 2023.

The IPO filing reveals that as of March 31, the total trading volume since Bullish's launch has exceeded $1.25 trillion. In the first quarter of 2025, the exchange executed over $2.5 billion in average daily volume, ranking it among the top five exchanges by spot volume for Bitcoin and Ether. The company lists its top competitors as Binance, Coinbase, and Kraken.

Bullish's IPO filing is a significant step for the cryptocurrency industry, which has long sought to gain institutional acceptance for digital assets as legitimate investments. This year has seen several notable crypto offerings, including Circle's blockbuster IPO in June and the public listings of Galaxy Digital and Etoro. Additionally, the cryptocurrency exchange and custodian Gemini, founded by Cameron and Tyler Winklevoss, has also confidentially filed for an IPO in the U.S.

The filing with the Securities and Exchange Commission (SEC) outlines Bullish's mission to drive the adoption of stablecoins, digital assets, and blockchain technology. This aligns with the broader industry push for legislation that legitimizes digital assets and exchanges, supported by prominent figures such as Thiel, Elon Musk, and President Trump's AI and Crypto czar David Sacks.

Bullish's IPO positions the company among a new wave of crypto-native firms aiming to bridge the gap between traditional finance and blockchain technology. The exchange's move to go public underscores the growing maturity and acceptance of the cryptocurrency industry, as well as the increasing interest from institutional investors.