Bullish Cryptocurrency Exchange Files $629 Million IPO for NYSE Listing

Bullish Targets $4.2 Billion Valuation in Public Offering

Cayman Islands-based cryptocurrency exchange Bullish has officially filed for an initial public offering in the United States, seeking to raise up to $629.3 million. The digital asset exchange submitted its filing with the Securities and Exchange Commission on Monday, marking another significant milestone for cryptocurrency companies entering traditional financial markets.

IPO Pricing and Share Details

The company plans to offer 20.3 million shares priced between $28 and $31 per share. At the top end of the $28-$31 price range, the company would have a valuation of about $4.2 billion. The banks underwriting the listing have the option to buy 3 million more shares at the IPO price. That could potentially boost Bullish's proceeds from the listing by $93 million.

Strong Investor Backing and NYSE Listing Plans

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. Bullish has filed for a U.S. IPO, seeking up to $629 m at a $4.2 bn valuation, with BlackRock and ARK expressing interest in $200 m of shares.

The exchange has secured backing from prominent investors including Peter Thiel's Founders Fund and Thiel Capital, along with institutional players like Nomura and Mike Novogratz.

Company Background and CoinDesk Ownership

Bullish was launched in 2020 as an institutional-focused crypto exchange, originally created and funded by Block.one—the blockchain firm behind EOS. Block.one backed the venture with a staggering $9.3 billion in bitcoin, making it one of the most heavily capitalized startups in the space.

Bullish acquired crypto news site CoinDesk in 2023, expanding its presence in the cryptocurrency media landscape. The acquisition has positioned Bullish as both an exchange operator and a major media player in the digital asset space.

Previous IPO Attempts and Market Timing

This marks Bullish's second attempt at going public. The firm previously sought IPO in 2021, but plans were spoiled due to market conditions in 2022. The current filing comes at a time when regulatory sentiment toward cryptocurrency companies appears to be shifting in a more favorable direction.

Strategic Use of IPO Proceeds

Bullish IPO aims to raise up to $629M at a $4.2B valuation, offering shares on NYSE with backing from Peter Thiel and major investors. The company has indicated plans to convert a portion of its IPO proceeds into stablecoins, reflecting its commitment to the digital asset ecosystem even as it enters traditional capital markets.

Market Performance and Operations

In the first quarter of 2025, Bullish exchange executed over significant trading volume, demonstrating its operational capacity and market presence in the institutional cryptocurrency trading space.

Regulatory Environment and Future Outlook

The timing of Bullish's IPO filing coincides with improving regulatory clarity for cryptocurrency companies in the United States. The company's move to list on the New York Stock Exchange represents a significant step toward mainstream adoption of cryptocurrency businesses in traditional financial markets.

Investment Considerations

The IPO represents an opportunity for traditional investors to gain exposure to the cryptocurrency exchange sector through a regulated public offering. With its institutional focus, significant backing, and established operations, Bullish positions itself as a bridge between traditional finance and the digital asset ecosystem.

The company's diverse portfolio, including its cryptocurrency exchange operations and media presence through CoinDesk, provides multiple revenue streams that could appeal to public market investors seeking exposure to the growing digital asset sector.

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