Bullish Seeks $629M in IPO at $4.2 Billion Valuation

Bullish, a cryptocurrency exchange backed by billionaire investor Peter Thiel, has filed for an initial public offering (IPO) in the U.S., targeting a $4.2 billion valuation and aiming to raise up to $629 million by offering 20.3 million ordinary shares at a price range of $28 to $31 per share [1]. The company intends to list on the New York Stock Exchange (NYSE) under the ticker symbol “BLSH” [2]. The filing, submitted to the U.S. Securities and Exchange Commission (SEC), outlines the firm’s strategy to use the proceeds for general corporate purposes, including technology upgrades, geographic expansion, and potential acquisitions [3].

Bullish was launched in 2021 by Block.one, the creator of the EOS blockchain, and has secured financial backing from notable investors such as Peter Thiel, Galaxy Digital, and Nomura. The company operates a regulated platform for institutional crypto trading and differentiates itself through a hybrid trading model that combines traditional order books with automated market-making. This approach aims to deliver efficient execution and better pricing, which the company believes will attract institutional investors and serious traders [4].

A significant portion of the IPO proceeds will be converted into U.S.-dollar-denominated stablecoins, in line with the company’s focus on digital asset liquidity and stablecoin services. Bullish also noted how recent regulatory developments, including the passage of the GENIUS Act and a potentially more crypto-friendly environment under the Trump administration, could create favorable conditions for its U.S. operations [5].

The company has also drawn interest from institutional investors. Certain funds managed by BlackRock and Ark Invest have expressed intent to purchase up to $200 million worth of shares. However, no binding agreements have been reached, and the final allocation will be determined by the underwriters, which include J.P. Morgan, Jefferies, and Citigroup [6].

As of June 30, 2025, Bullish reported holding stablecoins, Bitcoin, and Ethereum in its inventory, valued at approximately $231,870. Its intangible assets included stablecoins, BTC, and ETH worth over $1.9 million [7]. These figures provide insight into the company’s current asset composition but do not reflect the scale of its future ambitions.

The Bullish IPO is part of a broader trend of crypto firms pursuing public listings in the U.S. Companies like Kraken and Gemini are also preparing for IPOs, while Grayscale and BitGo have submitted similar filings. This follows the successful IPO of stablecoin issuer Circle in June, which raised $1.05 billion and saw its stock surge by 167% on its first day of trading [8].

Bullish’s move reflects growing confidence in the U.S. market for cryptocurrency companies, especially as regulatory frameworks continue to evolve. The firm had previously attempted an IPO in 2022 but ultimately canceled the effort, highlighting the challenges of entering the public market in a sector still navigating regulatory uncertainty [8]. If this IPO is successful, it could mark one of the most significant public listings in the crypto industry since Coinbase, potentially paving the way for other firms to follow.

Sources:

[1] https://m.economictimes.com/news/international/us/bullish-ipo-debut-peter-thiel-backed-crypto-giant-targets-4-2b-valuationis-the-new-crypto-wave-knocking-on-wall-streets-door/articleshow/123104348.cms

[2] https://coingape.com/bullish-ipo-peter-thiel-backed-crypto-exchange-eyes-629m-raise/

[5] https://www.ainvest.com/news/bullish-files-4-23-billion-ipo-policy-shifts-stablecoin-growth-2508/