Bullish, a cryptocurrency exchange backed by billionaire investor Peter Thiel, is moving forward with a U.S. initial public offering (IPO) that could value the company at up to $4.23 billion. The listing marks a renewed push for institutional legitimacy in crypto, supported by growing regulatory clarity and a rebound in digital asset market confidence.
Riding a Wave of Stablecoin Regulation
Bullish’s IPO comes shortly after the GENIUS Act, the first major U.S. federal law regulating stablecoins, was signed into law in July 2025. While the act focuses specifically on stablecoin reserves and issuer oversight, it reflects a broader trend toward crypto regulatory clarity, something Bullish aims to leverage.
As part of its strategy, Bullish plans to convert a portion of IPO proceeds into U.S. dollar-denominated stablecoins, aligning with digital asset infrastructure trends and potentially positioning the firm as a compliant player in a more structured regulatory environment.
IPO Terms and Market Strategy
The company plans to raise approximately $629.3 million by offering 20.3 million shares priced between $28 and $31. Leading financial institutions including J.P. Morgan, Citigroup, and Jefferies are underwriting the IPO, and major investors like BlackRock and ARK Invest have reportedly committed up to $200 million to support the offering.
Bullish’s shares are expected to list on the New York Stock Exchange under the ticker symbol “BLSH.” Proceeds will be used for general corporate purposes, working capital, and potential acquisitions.
A Second Attempt at Going Public
This marks Bullish’s second attempt to go public. In 2021, the firm pursued a SPAC merger with Far Peak Acquisition Corp. in a deal that would have valued it at $9 billion, but the plan was withdrawn in 2022 due to deteriorating market conditions and regulatory uncertainty. The current valuation, roughly half the previous target, reflects a more grounded strategy in today’s maturing crypto landscape.
Business Model and Global Footprint
Bullish operates a regulated digital asset platform with a focus on institutional clients, offering both spot and derivatives trading. The exchange holds licenses in the United States, Germany, Hong Kong, and Gibraltar, bolstering its appeal to investors seeking trustworthy, compliance-driven platforms, especially in the wake of high-profile failures like FTX.
The company also owns CoinDesk, a major crypto media outlet, expanding its influence and visibility in the digital asset ecosystem.
A Bellwether for the Crypto Industry
Bullish’s IPO could serve as a key barometer for Wall Street’s appetite for crypto infrastructure plays in a more mature and regulated environment. With backing from Peter Thiel and other high-profile investors, a cross-border regulatory presence, and a transparent approach to asset custody and trading, Bullish is positioning itself as a next-generation crypto exchange ready for public scrutiny.
The outcome of this IPO could set the tone for other digital asset firms exploring public markets as the industry continues its shift toward institutional acceptance.