In a move that underscores renewed optimism in the digital assets sector, Bullish, the crypto exchange backed by billionaire investor Peter Thiel, has formally filed for a U.S. initial public offering (IPO) targeting the New York Stock Exchange (NYSE) under the ticker symbol “BLSH.”

The company aims to raise up to $629.3 million by offering 20.3 million shares priced between $28 and $31 each, implying a valuation possibly reaching $4.23 billion at the upper end of the range. Lead underwriters include J.P. Morgan, Jefferies and Citigroup, reflecting institutional confidence in the offering. 8

Founded in 2020 and operating through a global network of subsidiaries in jurisdictions such as the Cayman Islands, Hong Kong, Singapore, the UK, Germany and Gibraltar, Bullish positions itself as an institutional-grade platform offering spot and derivatives trading, high liquidity, and in‑house data services through its subsidiary CoinDesk. 9

Financial disclosures show that Bullish delivered approximately $80 million in net income for fiscal year 2024 and claims over $1.9 billion in liquid assets including cash, Bitcoin, stablecoins and other digital holdings. However, the company recorded a net loss of around $349 million in the first quarter of 2025 — a stark reversal from a $104.8 million profit in Q1 2024. 10

This filing marks Bullish’s second attempt to go public. Its 2021 SPAC route faltered amid tightening regulations and high interest rates. Now, in a more favorable policy climate shaped by legislation like the GENIUS Act, Bullish is betting on transparency, regulatory alignment and institutional trust to drive its successful entry into public markets. 11

CEO Thomas W. Farley, the former president of NYSE, has emphasized the company’s commitment to compliance and institutional governance. Bullish’s acquisition of CoinDesk in 2023 further strengthens its credibility at the intersection of trading infrastructure and media. 12

Analysts see this IPO as both a litmus test for crypto exchanges and a signal of broader acceptance amid thawing regulatory sentiment. Its valuation target—down more than 50% from an earlier $9 billion SPAC proposal—reflects market caution even amid bullish momentum. 13

Critically, Bullish plans to convert a significant portion of the IPO proceeds into U.S. dollar–denominated stablecoins through approved issuers—an innovative capital strategy aimed at reinforcing liquidity and regulatory alignment. 14

The offering enters public markets at a pivotal moment: Bitcoin and Ether trade at multi‑year highs, regulatory clarity is improving, and investor enthusiasm around digital assets is surging. Should Bullish succeed, it may open the door for similar platforms seeking mainstream legitimacy and capital access.

Still, the depth of its losses, tight competition from exchanges like Binance, Coinbase and Kraken, and evolving regulatory scrutiny present material risks. The road ahead will test whether Bullish can parlay its institutional backing and infrastructure into sustainable profitability as a publicly traded company.