Bullish IPO: Crypto Exchange Backed by Peter Thiel Goes Public in $1.1B Blockbuster Debut

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What Bullish Does Bullish, which will open for trading today on the New York Stock Exchange under ticker BLSH, is a cryptocurrency exchange focused on institutional clients. The Cayman Islands–based company operates a digital asset trading platform offering spot trading, perpetual futures, liquidity services, clearing, and margin trading. It also owns CoinDesk, the well-known crypto news, data, and index provider, integrating media and analytics into its core trading business. Since its launch in 2021, Bullish has facilitated over $1.25 trillion in total trading volume. Its platform is built to bridge the gap between the high-speed, algorithm-driven world of decentralized finance (DeFi) and the oversight and security of a centralized, regulated exchange.

The Deal Bullish’s IPO priced well above expectations at $37 per share, versus the already-increased marketed range of $32 to $33. The company originally planned to sell 20.3 million shares at $28 to $31, but due to overwhelming demand—more than 20 times oversubscribed—it upsized the offering to 30 million shares. That raised $1.1 billion and values the company at roughly $5.6 billion on a fully diluted basis. Underwriters, led by J.P. Morgan, Jefferies, and Citigroup, have a 30-day option to purchase an additional 4.5 million shares. Major investors BlackRock and Cathie Wood’s ARK Investment Management have indicated interest in buying up to $200 million worth of shares in the IPO.

Backstory & Leadership Bullish was founded in 2020 with backing from billionaire Peter Thiel’s Founders Fund and Thiel Capital, Nomura, and Galaxy Digital. The firm is led by Tom Farley, the former president of the New York Stock Exchange under Intercontinental Exchange. Farley, who will also assume the chairman role post-listing, brings deep market-structure expertise and credibility with institutional clients—a key differentiator in the crowded crypto exchange space. Bullish is also the second attempt by the company to go public, after a SPAC merger fell apart in 2022.

Business Model & Fundamentals Bullish generates revenue through transaction fees, market-making, and liquidity services, primarily on high-volume, deep-liquidity crypto pairs like Bitcoin and Ethereum. Its institutional orientation—serving hedge funds, market makers, and other professional traders—means it tends to see more stable volumes than retail-focused exchanges like Coinbase, which can be heavily dependent on speculative altcoin trading.

As of March 31, 2025, the company reported $44.3 million in cash, $701 million in total liabilities, and $2 billion in crypto assets on its balance sheet, mostly Bitcoin, with smaller allocations to Ethereum and stablecoins. Revenue growth has been strong but volatile due to swings in crypto valuations, and administrative efficiency has recently slipped, with the firm generating only $0.20 in revenue for every $1 in administrative expense in the most recent quarter. Despite that, free cash flow over the past twelve months was $38.4 million.

Bullish posted a loss in Q1 2025 but guided for $106.1 million to $109.1 million in profit for Q2, highlighting the sensitivity of its results to crypto price trends. With Bitcoin trading near all-time highs of about $120,000, conditions are favorable for its market debut.

Market Context & Competition Bullish operates in the fast-growing global digital asset trading platform market, which was valued at $2.5 billion in 2023 and is forecast to reach $11 billion by 2033, a compound annual growth rate of 16% (Spherical Insights). Its competitors include Coinbase (COIN), Binance, Kraken, Robinhood (HOOD), and a rising number of decentralized exchanges. Bullish’s integrated model—combining trading services with CoinDesk’s data and media business—gives it unique brand reach and information advantages.

However, the company faces substantial risks: regulatory uncertainty (especially in Hong Kong, where key subsidiaries operate), intense competition, and inherent crypto market volatility. Its “foreign private issuer” status also allows it to disclose less financial detail than U.S.-domiciled companies, which could limit transparency for investors.

Recent IPO Trends in Crypto & Adjacent Sectors Bullish’s launch comes amid a rebound in U.S. IPO activity after a two-year drought. The crypto sector, in particular, has seen high-profile deals:

• Circle Internet Group (CRCL), a stablecoin issuer, more than quadrupled from its IPO price after a strong debut earlier this summer.
• Figma (FIG), a design software firm, jumped 250% on opening day.
• WYFI and FLY, two recent market entrants, saw sharp first-day rallies followed by pullbacks—a reminder that early pops can be fleeting.

Crypto-related IPOs often trade in sync with Bitcoin’s price momentum. While Bullish’s heavy institutional focus may offer more stability than retail-driven names, it still carries the sector’s inherent volatility risk.

Investor Takeaway Bullish’s IPO is a textbook case of red-hot demand meeting favorable macro tailwinds. The upsized deal, pricing above range, and 20x oversubscription show deep institutional appetite—not surprising given the involvement of Thiel, BlackRock, and ARK. The company’s fundamentals hinge on sustaining high trading volumes, leveraging CoinDesk’s brand to deepen market penetration, and carefully managing its crypto balance sheet through inevitable boom-bust cycles.

The question for investors isn’t whether today’s debut will be strong—it likely will be, given market sentiment—but whether BLSH can maintain that momentum in the weeks ahead. Recent IPO history in both crypto and tech has shown that big first-day gains often give way to consolidation or sell-offs.

In short, Bullish enters the public markets with powerful backers, a differentiated business model, and favorable timing as crypto prices hover near records. But like its name suggests, staying “bullish” on BLSH will require a steady hand in navigating the volatile world it inhabits.

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