Crypto exchange Bullish, backed by billionaire investor Peter Thiel, has filed for an initial public offering (IPO) in the United States, marking one of the largest public market entries by a crypto firm in 2025. The company plans to offer 20.3 million ordinary shares at a proposed price range of $28.00 to $31.00 per share, aiming to raise between $568 million and $629 million.
Bullish has applied to list its shares on the New York Stock Exchange (NYSE) under the ticker BLSH. According to Reuters, the company is targeting a valuation of up to $4.2 billion through its U.S. IPO, based on the upper end of its proposed price range.
In a show of interest, BlackRock and ARK Investment Management, led by Cathie Wood, have expressed non-binding interest in purchasing up to $200 million worth of shares at the offering price. While this could boost confidence, it is important to note that their interest is not a formal commitment, and the final allocation is subject to underwriter discretion.
Bullish is incorporated as a foreign private issuer under U.S. law, allowing it to benefit from reduced disclosure obligations. Each ordinary share will carry one vote, maintaining a straightforward governance structure. The underwriters also hold a 30-day option to purchase up to an additional 3,045,000 shares, potentially increasing the total offering by $94 million before underwriting costs.
Founded during the 2021 crypto bull cycle, Bullish is backed by a consortium of institutional players, including Thiel’s Founders Fund, Galaxy Digital, and others. If successful, Bullish will join public crypto companies such as Coinbase, Marathon Digital, and Bitfarms, serving as a barometer for investor sentiment toward token-based financial platforms in the current market cycle.
The digital asset space has seen several public listings in 2025, with stablecoin issuer Circle making a dramatic entrance on the NYSE with its shares surging as much as 160% during its trading debut in June. This trend reflects a growing interest in institutional crypto infrastructure and highlights the evolving landscape of the digital asset market.
As Bullish moves forward with its IPO, it will be interesting to see how investors respond to the offering and what it signals for the future of crypto companies entering the public market. Stay tuned for updates on Bullish’s journey as it navigates the complexities of the financial landscape and tests the waters of institutional crypto investment.