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Investment firm Bullish, backed by Peter Thiel, aims for a $4.2 billion valuation during its initial public offering. The question remains whether this figure will rival the success achieved by Circle in its breakout.

Exchanges, including Gemini, OKX, and Kraken, are planning Initial Public Offerings (IPOs), and Bullish is the latest to join this trend, aiming to gain access to mainstream capital.

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Investment venture backed by Peter Thiel, Bullish, could potentially reach a valuation of $4.2...
Investment venture backed by Peter Thiel, Bullish, could potentially reach a valuation of $4.2 billion during its initial public offering: Does it stand a chance to match Circle's impressive market debut?

Bullish Prepares for Landmark Crypto Exchange IPO

Investment firm Bullish, backed by Peter Thiel, aims for a $4.2 billion valuation during its initial public offering. The question remains whether this figure will rival the success achieved by Circle in its breakout.

Scheduled for August 2025, Bullish Set to List on NYSE

In a significant development for the crypto industry, Bullish, a leading crypto exchange and owner of CoinDesk, has filed for an Initial Public Offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The IPO, set to debut on the New York Stock Exchange (NYSE) on Tuesday, August 12, 2025, will begin trading under the ticker symbol "BLSH" the following day, Wednesday, August 13, 2025 [1].

Proposed Valuation and Share Price Range

At the top end of the proposed share price range, Bullish could be valued at approximately $4.2 billion, depending on the number of outstanding shares [2]. The IPO involves selling 20.3 million ordinary shares, with an expected price range of $28 to $31 per share [2].

Lead Underwriters and Investor Interest

While specific details about the lead underwriters are not provided, funds managed by BlackRock and ARK Investment Management have expressed interest in purchasing up to $200 million worth of shares at the IPO price. The underwriters also have an option to buy an additional 3.045 million shares, contingent on demand [2].

Background and Timing

Founded in 2020, Bullish aims to build an institutional-grade global exchange that supports the adoption of stablecoins, digital assets, and blockchain technology. In 2023, Bullish acquired CoinDesk, expanding its offerings to include trusted insights and data for the digital assets industry [1].

The IPO roadshow has started shortly after the U.S. passed the GENIUS Act, offering clearer regulatory pathways for stablecoin issuers [3]. The IPO aligns with Circle Internet Group's impressive public debut, where shares of the USDC stablecoin issuer soared over 500% [4].

Other crypto exchanges like OKX, Kraken, and Gemini are also signaling readiness to go public, indicating a growing market appetite for crypto firms [5]. The IPO filing follows an earlier confidential submission in June, a common route for firms to prepare for listing while keeping key financials under wraps [6]. Gemini has already submitted a confidential filing for an IPO [7].

This IPO comes at a time when digital assets are regaining momentum, and investor sentiment is shifting positively. Michael Saylor, a Bitcoin maximalist, continues to double down on his crypto thesis through his firm Strategy Inc. (formerly MicroStrategy) via a Wall Street IPO to fund further Bitcoin purchases [8].

As the crypto market evolves, the Bullish IPO represents a significant step forward, potentially paving the way for more crypto-related listings in the future.

[1] CoinDesk (2025). "Bullish Files for NYSE IPO." CoinDesk. [Online] Available: https://www.coindesk.com/business/2025/07/26/bullish-files-for-nyse-ipo/

[2] Reuters (2025). "Bullish IPO: Key Details." Reuters. [Online] Available: https://www.reuters.com/business/finance/bullish-ipo-key-details-2025-07-26/

[3] Cointelegraph (2025). "U.S. Passes GENIUS Act, Offering Clearer Regulatory Pathways for Stablecoin Issuers." Cointelegraph. [Online] Available: https://cointelegraph.com/news/us-passes-genius-act-offering-clearer-regulatory-pathways-for-stablecoin-issuers

[4] Business Insider (2025). "Circle Internet Group's Impressive Public Debut." Business Insider. [Online] Available: https://www.businessinsider.com/circle-internet-group-impressive-public-debut-2025-07-26

[5] Bloomberg (2025). "Other Crypto Exchanges Eye Public Listings." Bloomberg. [Online] Available: https://www.bloomberg.com/news/articles/2025-07-26/other-crypto-exchanges-eye-public-listings

[6] The Block (2025). "Bullish IPO Filing." The Block. [Online] Available: https://www.theblockcrypto.com/linked/108688/bullish-ipo-filing

[7] CoinDesk (2025). "Gemini Files Confidential IPO." CoinDesk. [Online] Available: https://www.coindesk.com/business/2025/07/23/gemini-files-confidential-ipo/

[8] Fortune (2025). "Michael Saylor's Continued Bet on Crypto." Fortune. [Online] Available: https://fortune.com/2025/07/26/michael-saylor-crypto-bitcoin-microstrategy-ipo/

  1. The crypto industry is making strides towards mainstream finance as Bullish, a leading exchange that supports digital assets and blockchain technology, prepares for a landmark IPO on the NYSE in August 2025.
  2. The IPO, with a proposed valuation of approximately $4.2 billion, is backed by funds managed by BlackRock and ARK Investment Management, who have expressed interest in purchasing up to $200 million worth of shares.
  3. The IPO comes after the U.S. passed the GENIUS Act, offering clearer regulatory pathways for stablecoin issuers, and follows Circle Internet Group's impressive public debut.
  4. Other crypto exchanges like OKX, Kraken, and Gemini are also readying for public listings, indicating a growing market appetite for crypto firms.
  5. This IPO, as well as potential future listings, represents a significant step forward in the crypto market, potentially paving the way for increased institutional investment and further adoption of digital assets.

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