Bullish, a crypto exchange backed by billionaire Peter Thiel, is aiming to go public in the United States through a $629 million IPO, targeting a valuation of $4.23 billion.

The institutional-focused platform announced Monday that it has officially launched its initial public offering (IPO), with plans to offer 20.3 million ordinary shares. Shares will be listed on the New York Stock Exchange (NYSE) under the ticker symbol BLSH.

IPO Pricing and Strategic Use of Funds

According to Bullish’s SEC filing, the share price range is set between $28 and $31. At the high end of that range, the company could raise up to $629 million.

Proceeds from the IPO will be used for:

• General corporate operations
• Working capital
• Potential future acquisitions

The exchange noted that the offering is subject to market conditions and may not be completed, depending on investor demand and other variables.

Second Attempt, Bigger Opportunity

This IPO marks Bullish’s second attempt to go public, after a failed SPAC deal in 2022. Now, with clearer U.S. regulatory direction and stronger institutional interest in crypto, the exchange is re-entering the market at a pivotal time.

Bullish is licensed and regulated in multiple global jurisdictions, including:

• Germany
• Hong Kong
• Gibraltar
• And soon, the U.S.

Crypto IPO Wave Grows Stronger

Bullish joins a wave of crypto companies making public market debuts in 2025:

• Coinbase continues trading on Nasdaq
• Circle (CRCL) debuted in June and is up 400% from its IPO price
• Trading Technologies and BitGo are reportedly exploring listings
• Grayscale has filed an S-1 registration to pursue an IPO
• OKX is weighing its own options for a U.S. listing

The momentum has been fueled by:

• Passage of the GENIUS Act — U.S. stablecoin legislation
• Launch of the SEC’s Project Crypto — signaling regulatory alignment
• Renewed institutional interest in Bitcoin and Ethereum

Summary: Bullish Bets Big on Public Markets

With its upcoming NYSE listing, Bullish is aiming to solidify its position as a major player in the regulated crypto exchange space. Backed by Peter Thiel and other institutional investors, the firm wants to ride the current IPO wave — and may signal increasing investor confidence in digital assets entering traditional finance.

Whether Bullish’s offering succeeds will be a major indicator of public market appetite for crypto-focused companies in the post-regulatory-clarity era.