Bullish IPO debut: Peter Thiel-backed crypto giant targets $4.2B valuationis the new crypto wave knocking on Wall Streets door? Reuters Bullish, the Peter Thiel-backed crypto exchange, is officially stepping onto Wall Street with a bold IPO move. Targeting a massive $4.2 billion valuation, the company plans to raise up to $629 million by offering over 20 million shares on the New York Stock Exchange under the ticker BLSH. With major underwriters like J.P. Morgan and Citi onboard, this listing marks one of the most significant U.S. crypto IPOs in yearssignaling what could be the start of a powerful new wave for digital asset firms in public markets.

Bullish aims for Wall Street spotlight with major IPO as crypto markets rebound- Bullish, the cryptocurrency exchange backed by billionaire tech mogul Peter Thiel, is gearing up for a major move on Wall Street, targeting a $4.2 billion valuation in its highly anticipated IPO debut on the New York Stock Exchange (NYSE). This IPO marks one of the most significant crypto stock market listings since Coinbases 2021 launch and signals a new chapter for digital assets in the public investment space. As institutional investors warm up to crypto again, thanks to clearer U.S. regulations, Bullishs entry into the stock market could set the tone for the next wave of crypto IPOs in 2025.
Bullish plans to raise up to $629 million through its U.S. IPO by offering approximately 20.3 million shares to the public, priced between $28 and $31 per share. Theres also a 30-day option for underwriters to purchase an additional 3.05 million shares, potentially pushing the total raised even higher.

The IPO, which will trade under the ticker BLSH, is being led by major investment banks J.P. Morgan, Citigroup, and Jefferies. This trio of top-tier underwriters signals strong Wall Street confidence in Bullish's business model and long-term vision.

The timing of this IPO couldnt be more strategic. After years of uncertainty, the U.S. crypto space is finally finding its regulatory footing. The recent passage of the GENIUS Act, which sets out clear rules for stablecoins and crypto exchanges, is boosting investor confidence across the board.

Bullish, unlike many other platforms, has focused on full regulatory compliance, institutional-grade operations, and financial transparencythree things that traditional investors now demand in the post-FTX world. The exchanges emphasis on security, deep liquidity, and asset transparency gives it a competitive edge as it enters public markets. Bullish is not your average crypto exchange. Unlike Robinhood, Binance, or meme coin-centric platforms, Bullish is built for institutional trading. It offers deep order books, high liquidity, and secure asset custody systems that attract professional traders and large institutions rather than speculative retail players. One standout feature is its ownership of CoinDesk, a top-tier crypto media company acquired in 2023 for about $70 million. This allows Bullish to not only operate as a trading platform but also influence the narrative in crypto markets through strategic media visibilitysomething no other exchange has done at this scale. The presence of Peter Thiel as a lead backer adds significant weight to Bullishs reputation. As co-founder of PayPal and Palantir, Thiels involvement lends Bullish the same disruptive tech DNA that made those firms Wall Street successes. Bullish is also supported by a powerful syndicate of investors, including Founders Fund, Galaxy Digital, and Japanese banking giant Nomura. This global backing gives the exchange both geographic reach and financial clouttwo key advantages as it scales operations post-IPO. Unlike many companies that simply add IPO funds to their balance sheet, Bullish plans a more strategic move. A large portion of the net IPO proceeds will be converted into U.S. dollar-backed stablecoins, helping to reduce exposure to crypto market volatility and enhance overall platform liquidity. This decision aligns with the provisions of the GENIUS Act, showing regulators and investors alike that Bullish is serious about stable, compliant growth. As of its IPO filing, Bullish holds a massive $3+ billion in liquid assets. That includes:
  • 24,000 Bitcoin (BTC)
  • 12,600 Ethereum (ETH)
  • Over $400 million in stablecoins and cash
This robust balance sheet gives Bullish a serious financial advantage over many of its peers, enabling it to offer better pricing, handle larger trades, and remain resilient during market downturns. Back in 2021, Bullish had attempted to go public via a SPAC merger with Far Peak Acquisition Corp, which would have valued the company at $9 billion. That deal was eventually scrapped in 2022 amid crypto market instability and unclear regulations. Now, with stronger financials and regulatory clarity, Bullish is taking a more realistic approach. Its current IPO target of $4.2 billion may be lower than past ambitions, but it's far more aligned with todays market environment and investor expectations. Institutional appetite for Bullish shares appears to be heating up. Both BlackRock and ARK Investment Management have expressed non-binding interest in investing up to $200 million at the IPO price. While not yet confirmed, this level of potential commitment from two of the worlds most influential asset managers is a major vote of confidence. If these firms follow through, Bullish could attract even more institutional attentionand likely outperform expectations in its debut week on the NYSE. This IPO could set the stage for a new wave of crypto companies entering the U.S. public markets. Industry leaders like Circle, eToro, Kraken, and OKX are reportedly preparing IPOs of their own, and Bullishs performance will likely become a benchmark for the entire sector. Investors, regulators, and crypto advocates alike will be watching closely to see if Bullish can bridge the gap between traditional finance and digital assetssomething many platforms have tried and failed to do. Bullish confidentially filed with the SEC in June and made its public filing on August 4, 2025. The IPO roadshow began shortly after, with pricing expected in the week of August 11, according to industry insiders. With the listing set for later in August, the next few weeks will be critical for final investor commitments and pricing momentum. The Bullish IPO is shaping up to be one of the most important tech listings of 2025not just for crypto, but for the broader financial sector. Backed by elite investors, flush with liquidity, and positioned perfectly in a newly compliant U.S. regulatory framework, Bullish has all the ingredients of a breakout success. Whether you're a long-term crypto believer or a traditional investor exploring digital assets for the first time, Bullish stock is one to watch closely. Its more than a crypto companyits a financial infrastructure play, and one that could help shape the future of how digital assets trade, move, and are regulated in mainstream markets.
  • Company: Bullish Global
  • IPO Valuation Target: $4.2 billion (fully diluted at $31/share)
  • Ticker Symbol: BLSH (NYSE)
  • Price Range: $28$31 per share
  • Shares Offered: 20.3 million (plus 3.05 million overallotment)
  • Capital Raised (Est.): Up to $629 million
  • Lead Underwriters: J.P. Morgan, Citigroup, Jefferies
  • Use of Proceeds: Conversion into stablecoins, liquidity enhancement
  • Institutional Interest: BlackRock, ARK (non-binding interest up to $200 million)
  • Liquid Assets: $3B+ (BTC, ETH, cash, stablecoins)
  • CoinDesk Acquisition: Completed in 2023 (~$70M)
If Bullish delivers on its promises, this IPO could become a pivotal moment in cryptos path to institutional acceptance and long-term sustainability.

Q1: What is the Bullish IPO 2025 all about?

Its a crypto exchange backed by Peter Thiel going public with a $4.2B valuation on NYSE.

Q2: Why is Bullishs IPO getting attention from investors?

Because its fully regulated, holds $3B+ in assets, and is backed by BlackRock and ARK.