tl;dr
Bullish, a crypto exchange backed by Peter Thiel, plans a U.S. IPO targeting a valuation up to $4.23 billion by offering 20.3 million shares priced between $28 and $31, potentially raising $629.3 million. This valuation is below its previous $9 billion target from a failed 2021 merger. The IPO benef...
Bullish, the institutional crypto exchange backed by tech billionaire Peter Thiel, is aiming for a valuation of up to $4.23 billion in its upcoming U.S. initial public offering (IPO), according to a regulatory filing submitted on August 4. The company plans to offer 20.3 million shares priced between $28 and $31, potentially raising as much as $629.3 million. This IPO valuation is significantly lower than the $9 billion valuation Bullish sought in a failed 2021 merger with a blank-check company, a deal that was later scrapped in 2022 due to regulatory concerns.
This IPO attempt coincides with a friendlier regulatory environment, exemplified by the recent passage of the GENIUS Act, which establishes the first federal guidelines for stablecoins and has reignited enthusiasm for crypto-related equities. Bullish, run by former New York Stock Exchange president Thomas Farley, plans to convert a large portion of its IPO proceeds into U.S. dollar-backed stablecoins through partnerships with token issuers, reflecting the crypto industry's growing trend toward regulated digital dollar reserves.
Despite reporting a $349 million loss in the first quarter of 2025, largely due to mark-to-market declines in its crypto holdings, Bullish’s investors are expected to emphasize the exchange’s core profitability and operational efficiency. The IPO is being underwritten by J.P. Morgan, Jefferies, and Citigroup, with shares set to trade on the New York Stock Exchange under the ticker symbol “BLSH.”
Bullish’s filing closely follows Coinbase’s report of a decline in second-quarter profit amid sluggish trading activity. Nonetheless, broader investor sentiment is increasingly favoring long-term structural investments in the digital asset space, signaling a potential turning point for crypto exchanges seeking public market footholds.