Peter Thiel’s Bullish Plans $629M NYSE Debut
Bullish IPO – Peter Thiel-Backed Crypto Exchange Targets $629 Million Raise
Bullish, a cryptocurrency exchange backed by billionaire tech investor Peter Thiel and the owner of leading crypto news outlet CoinDesk, has officially filed for an IPO with the U.S. Securities and Exchange Commission (SEC) on August 4, 2025. According to its filing, Bullish plans to offer 20.3 million shares priced between $28 and $31 each, aiming to raise up to $629.3 million. At the top of this range, the company could be valued at approximately $4.2 billion. The shares will be listed on the New York Stock Exchange (NYSE) under the ticker symbol BLSH, with major Wall Street institutions such as J.P. Morgan, Jefferies, and Citigroup acting as underwriters.
Peter Thiel
Background And Why This IPO Is Drawing Attention
This marks Bullish’s second attempt to go public. Its first try in 2022, through a SPAC merger that valued the company at nearly $9 billion, was canceled due to unfavorable market conditions. The relaunch comes at a time when the U.S. regulatory environment for cryptocurrencies has become more supportive, especially following the passage of pro-stablecoin legislation such as the GENIUS Act, and a friendlier stance from the U.S. administration toward digital assets. This IPO also follows a series of successful public listings by other crypto companies, including Circle and Gemini, which have helped restore investor confidence in the digital asset market.
Financial Performance And Business Strength
In 2023, Bullish reported revenue of $302 million and net income of $150 million. However, in the first quarter of 2025, the company posted a net loss of $349 million, citing higher costs related to global expansion, enhanced security infrastructure, and new product development. Despite the loss, Bullish boasts a strong operational profile, with an average daily trading volume of $2.5 billion in Q1 2025 and a cumulative trading volume of more than $1.25 trillion since launch. The company also holds nearly $2 billion in liquid assets, including cash, Bitcoin, stablecoins, and other digital assets, providing a solid foundation for its growth plans.
Backing From Major Institutional Investors
A key factor adding weight to the IPO is the interest from major institutional investors. BlackRock and ARK Investment have expressed their intent to purchase over $200 million worth of Bullish shares at the IPO price. Such backing not only strengthens market confidence in Bullish’s growth prospects but also signals a broader shift by traditional financial institutions into the digital asset space. With strong financial resources, an ambitious global expansion strategy, and favorable market conditions, Bullish’s IPO is expected to be one of the most notable events in the crypto industry in 2025.