Crypto exchange Bullish files for $4.23B IPO on NYSE, backed by Peter Thiel, amid rising institutional crypto interest and GENIUS Act boost.
Bullish, a crypto exchange backed by billionaire investor Peter Thiel, has filed for an initial public offering (IPO) in the United States. According to Reuters, the company is expecting to raise as much as $629 million with a market valuation of $4.23 billion. It is the second time Bullish has tried to be listed in four years.
Bullish Relaunches IPO Plan After 2022 SPAC Exit
In the past, the exchange was used to plan a SPAC transaction with a valuation of $9 billion in 2021. In 2022, it cancelled the deal because of regulatory issues. The company is starting afresh now. It will issue 20.3 million shares at a price of between 28 and 31 dollars per share. In case the shares are sold at the upper end of this range, Bullish will achieve a large but reduced valuation compared to that which it had initially anticipated.
Such an IPO occurs when the U.S. policy is getting friendlier to crypto innovation. Among the key contributors to this new push is the recent passage of the GENIUS Act. This legislation gives concrete rules to stablecoins and promotes healthy crypto development. Therefore, some companies, such as Bullish, find more opportunity in the public market.
Bullish will have its shares listed on the New York Stock Exchange (NYSE) under the symbol BLSH. Bloomberg reports that the filing to the U.S. Securities and Exchange Commission (SEC) occurred on July 19. Such a move is indicative of the rising trust in the digital asset platforms and their place in the financial system at large.
In addition to raising funds, Bullish would like to exchange most of the IPO funds into the stablecoins pegged to the USD. It will accomplish this through the assistance of reliable issuers. The decision indicates that the company has confidence in long-term stable digital assets. Bullish is taking the lead of another giant issuer of stablecoins, Circle Internet. In June, Circle conducted its IPO, where the stock price increased by more than 400%.
Bullish Eyes IPO Despite $349M Q1 Loss in 2025
Bullish is also increasing its presence. In 2023, it purchased CoinDesk, a popular crypto news outlet. This acquisition offered more exposure and power to the crypto sector for Bullish. The exchange that specializes in institutional trading is currently integrating media and market access on a single platform.
Related Reading: Peter Thiel’s Bullish Crypto Exchange Files for NYSE IPO
It has strong supporters in the company. Other investors are Thiel Capital, Founders Fund, Nomura and crypto entrepreneur Mike Novogratz, alongside Peter Thiel. Bullish is a spin-off of Block.one, a blockchain software company. The current CEO, Thomas Farley, was once the president of NYSE. His experience is likely to guide Bullish in the process of becoming publicly listed.
Bullish is experiencing certain financial pressure, in spite of its plans. In the first quarter of 2025, the company had a loss of 349 million dollars. This is quite in contrast to a profit of a hundred and five million in the same period last year. The shift can be explained by the decline in the value of crypto assets to a great extent.
But the trend is gaining ground. The GENIUS Act is now law, and the institutional interest in crypto is increasing, so Bullish may get this IPO to go. The company has not lost hope in its future in the sphere of finance.
