Initial Offering Details Revealed by Bullish, Aiming for $629 Million at a $4.23 Billion Estimated Worth
Bullish, a crypto exchange platform backed by investor Peter Thiel, is set to make its initial public offering (IPO) on the New York Stock Exchange (NYSE) under the ticker symbol "BLSH." The company aims to raise up to approximately $629 million by offering 20.3 million ordinary shares at an expected price range of $28 to $31 per share, valuing the company at around $4.2 to $4.3 billion [1][2][3][5].
The IPO comes at a time when the crypto market is experiencing growth trends and increasing interest in crypto firms going public in the U.S. Bullish's strategy is to expand its liquidity offerings to crypto issuers and stablecoin providers, positioning itself to benefit from recent policy updates such as the GENIUS Act, which indicates improvements towards a more definitive crypto governance in the U.S. [6]
J.P. Morgan, Jefferies, and Citigroup have been appointed as the lead underwriters for the IPO, overseeing the offering process and allocation. Funds managed by BlackRock and ARK Investment Management have expressed interest in purchasing up to $200 million worth of shares at the IPO price [2], although no agreements have been made yet. The underwriters also have a 30-day option to buy up to an additional 3,045,000 shares, depending on demand [1][2].
Bullish plans to use the proceeds from the IPO primarily for general corporate and working capital purposes, including funding potential future acquisitions [1]. The company, which also owns the crypto media site CoinDesk [2][3][5], reported an $80 million net income in 2024 but suffered a $349 million net loss in Q1 2025 [4].
The IPO roadshow began in early August 2025, marking a renewed effort after a previous failed IPO attempt [1][4]. Other crypto firms like Kraken, Gemini, BitGo, and Grayscale are also seeking IPOs in the U.S., aiming to follow the path of stablecoin issuer Circle, which raised over $1 billion through its IPO in June [7].
As of June 30, 2025, Bullish holds stablecoins, Bitcoin, and Ethereum valued at over $231,000, and intangible crypto assets worth about $1.9 million [4]. The final size and terms of the offering will depend on market conditions. If priced at the top end, Bullish could raise up to $629 million in its IPO. The shares will trade on the NYSE under the ticker "BLSH."
[1] CNBC (2025). Bullish crypto exchange files for IPO, aiming to raise up to $629 million. [online] Available at: https://www.cnbc.com/2025/08/02/bullish-crypto-exchange-files-for-ipo-aiming-to-raise-up-to-629-million.html
[2] Reuters (2025). Bullish crypto exchange plans $629 million IPO on NYSE. [online] Available at: https://www.reuters.com/business/finance/bullish-crypto-exchange-plans-629-million-ipo-nyse-2025-08-02/
[3] Coindesk (2025). Bullish crypto exchange files for IPO, aiming to raise up to $629 million. [online] Available at: https://www.coindesk.com/bullish-crypto-exchange-files-for-ipo-aiming-to-raise-up-to-629-million
[4] Business Insider (2025). Bullish crypto exchange is preparing for an IPO. [online] Available at: https://www.businessinsider.com/bullish-crypto-exchange-is-preparing-for-an-ipo-2025-8
[5] Yahoo Finance (2025). Bullish crypto exchange files for IPO, aiming to raise up to $629 million. [online] Available at: https://finance.yahoo.com/news/bullish-crypto-exchange-files-ipo-aiming-210000411.html
[6] Cointelegraph (2025). Bullish crypto exchange eyes U.S. IPO amidst favorable regulatory environment. [online] Available at: https://cointelegraph.com/news/bullish-crypto-exchange-eyes-us-ipo-amidst-favorable-regulatory-environment
[7] Bloomberg (2025). Circle raises over $1 billion in IPO, setting stage for crypto firms to follow. [online] Available at: https://www.bloomberg.com/news/articles/2025-06-29/circle-raises-over-1-billion-in-ipo-setting-stage-for-crypto-firms-to-follow
The IPO of cryptocurrency exchange platform Bullish, backed by investor Peter Thiel, seeks to raise up to $629 million from selling ordinary shares, thereby increasing its presence in the crypto market. With the growth trends in the crypto market and interest in crypto firms going public in the U.S., Bullish aims to expand its liquidity offerings to crypto issuers and stablecoin providers.
