In a landmark move for the cryptocurrency sector, Bullish, a digital asset exchange supported by billionaire tech investor Peter Thiel, has filed for an initial public offering (IPO) on the New York Stock Exchange (NYSE). This IPO aims to raise up to $629 million, signaling a resurgence of crypto-related public listings in 2025 and highlighting growing institutional interest in blockchain finance.
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| Peter Thiel's Bullish Exchange Files $629M IPO |
IPO Details: Price, Ticker, and Valuation
IPO Size: $629 millionShares Offered: 20.3 million
Price Range: $28 to $31 per share
Expected Valuation: ~$4.2 billion
Exchange & Ticker: NYSE under the symbol BLSH
This IPO marks Bullish's second attempt to go public, following a failed SPAC merger in 2022 amid volatile market and regulatory conditions. However, the landscape has now evolved, with clearer rules and stronger institutional appetite.
Where the IPO Funds Are Going
Interestingly, a large portion of the IPO proceeds will be converted into US dollar-backed stablecoins, reflecting a pioneering move influenced by recent pro-crypto legislation like the GENIUS Act. This financial structure supports Bullish’s long-term strategy of enhancing transparency and liquidity using blockchain-native assets.
Backed by Powerhouses: Thiel, BlackRock, ARK & More
The Bullish platform is supported by Peter Thiel, and traces its roots to Block.one, the same company that launched EOS blockchain. Other major investors include:
Nomura (Japanese investment bank)ARK Investment Management (Cathie Wood’s firm)
Both BlackRock and ARK are reportedly showing early interest in buying shares at the IPO price, offering a powerful vote of confidence from institutional players.
Trading Volume & Market Momentum
Bullish is not a speculative startup—it’s already proven itself as a high-volume crypto exchange, recording over $2.5 billion in average daily trading volume in Q1 2025. With a robust tech stack, it aims to blend traditional finance-level compliance with the speed and efficiency of decentralized assets.
Why This Matters for Crypto & Wall Street
This IPO could be a watershed moment for crypto assets gaining mainstream investment legitimacy. With enhanced regulatory clarity in 2025 and the presence of Wall Street names, Bullish is positioning itself as a bridge between traditional finance and digital assets.
The IPO market overall in 2025 is seeing a rebound, particularly in fintech, AI, and crypto sectors. Bullish’s IPO may serve as a benchmark for how institutional capital approaches crypto investments moving forward.
Expert Insight
“Bullish represents the new generation of regulated, scalable, and institutional-friendly crypto exchanges. A successful IPO will send a strong message that the crypto space is maturing fast — and that it’s here to stay,”
— Crypto Market Analyst, 2025
FAQs About the Bullish IPO
Q1. What is Bullish?
Bullish is a crypto exchange platform focused on liquidity, transparency, and institutional-grade trading infrastructure. It's backed by Peter Thiel and Block.one.
Q2. When is Bullish going public?
The IPO is expected in Q3 or Q4 2025, depending on regulatory approvals and market conditions.
Q3. What will be the ticker symbol for Bullish?
Bullish will trade under the symbol “BLSH” on the New York Stock Exchange (NYSE).
Q4. Why is this IPO important for crypto investors?
It marks one of the largest crypto IPOs in recent years and could catalyze broader institutional adoption and regulatory clarity for the industry.
Q5. How much does Bullish plan to raise?
Bullish aims to raise up to $629 million by offering 20.3 million shares priced between $28 and $31.
Q6. Who are the major investors in Bullish?
Key backers include Peter Thiel, Nomura, BlackRock, ARK Invest, and Mike Novogratz via Galaxy Digital.
Q7. What happened to Bullish's earlier attempt to go public?
In 2022, Bullish planned a SPAC merger that was eventually scrapped due to regulatory uncertainty and market volatility at the time.
