Bullish, the institutional crypto exchange backed by tech billionaire Peter Thiel, is targeting a valuation of up to $4.23 billion in its U.S. initial public offering, according to a regulatory filing submitted on Aug. 4.
The company is offering 20.3 million shares priced between $28 and $31, potentially raising as much as $629.3 million, Reuters reported the same day.
If successful, Bullish would debut at a steep discount to the $9 billion valuation it once pursued in a failed 2021 merger with a blank-check company. That earlier deal was scrapped in 2022 due to regulatory uncertainty.
This IPO attempt comes amid a friendlier policy environment under the Trump administration, including the recent passage of the GENIUS Act, which outlines the first federal guidelines for stablecoins and has helped reinvigorate interest in crypto-related equities.
Bullish, led by former New York Stock Exchange president Thomas Farley, said in its prospectus that it plans to convert a substantial portion of the IPO proceeds into U.S. dollar-backed stablecoins with the support of one or more token issuers. The move mirrors the recent trend among crypto firms to anchor reserves in regulated digital dollars.
While Bullish posted a $349 million loss in the first quarter of 2025, driven largely by mark-to-market declines in its crypto holdings, investors are likely to focus more on core exchange profitability and operational efficiency.
The offering is being led by J.P. Morgan, Jefferies, and Citigroup. Shares are expected to trade on the New York Stock Exchange under the ticker symbol “BLSH.”
Bullish’s filing comes just days after Coinbase, the largest publicly traded crypto exchange, reported a decline in second-quarter profit amid sluggish trading activity. Despite the dip, broader investor sentiment appears to be shifting toward long-term structural plays in the digital asset space.
