Bullish to List on NYSE August 13 With $3 Billion in Digital Assets and $629.3 Million IPO Target

Bullish, a cryptocurrency exchange backed by billionaire Peter Thiel, is set to list on the New York Stock Exchange on August 13, 2025, marking a significant milestone in the integration of digital assets into traditional finance [1]. The firm disclosed in a regulatory filing that it plans to offer 20.3 million shares at a price range of $28 to $31 per share, aiming to raise up to $629.3 million. Additionally, underwriters have the option to purchase an extra 3.045 million shares within 30 days of the prospectus release [1].

The exchange currently holds over $3 billion in liquid assets, including 24,000 Bitcoins, 12,600 Ethereum, and $418 million in cash and stablecoins [1]. These holdings are expected to provide a strong foundation for liquidity and operational stability, especially in times of market volatility. The presence of a substantial Bitcoin reserve is seen as a strategic move to build investor confidence and ensure the platform's resilience.

The listing on the NYSE reflects broader institutional acceptance of cryptocurrency and blockchain technology. Traditional financial markets have been increasingly open to crypto-related firms, with the NYSE serving as a key gateway for digital asset companies seeking mainstream credibility. Bullish’s public offering is considered part of a growing trend of crypto platforms transitioning into public markets, signaling a shift toward greater transparency and regulatory alignment.

Analysts suggest that the firm’s decision to list in the U.S. highlights its intent to access a wider investor base and establish legitimacy within a highly regulated environment. This strategic move could influence the valuation models of other crypto platforms and reshape perceptions of digital assets as viable investment instruments [1]. The outcome of the listing will likely depend on broader market conditions, regulatory developments, and investor sentiment toward crypto assets.

Bullish’s move also underscores the evolving regulatory landscape in the U.S. regarding digital assets. As more crypto-native firms seek public market listings, regulators face the challenge of balancing innovation with investor protection. The NYSE listing is expected to be closely watched by both market participants and policymakers, as it may offer insights into how traditional financial mechanisms can adapt to the unique characteristics of digital assets.

With the listing date approaching, market observers are paying close attention to signs of institutional interest and investor demand for a crypto-exposed ticker. The success of Bullish’s public debut could set a precedent for future listings and encourage further institutional participation in the cryptocurrency space.

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[1] Bullish, a cryptocurrency exchange, is expected to officially list on the New York Stock Exchange on August 13, holding 24,000 Bitcoins and other cryptocurrency assets — as provided by the user.