Everything You Need to Know About Bullish IPO Plan in NYSE
2025-08-05
Bullish, the institutional-grade cryptocurrency exchange backed by billionaire Peter Thiel, is preparing to go public with an ambitious IPO on the New York Stock Exchange (NYSE).
After a previously failed SPAC merger in 2021, the company is re-entering the public market spotlight with renewed confidence, clear regulatory momentum, and a compelling valuation strategy.
This Bullish IPO could be a defining moment in the ongoing intersection of traditional finance and digital assets.
Bullish NYSE IPO: Key Facts at a Glance
1. IPO Valuation Target: $3.8 – $4.2 billion
2. Shares Offered: 20.3 million
3. Price Range: $28–$31 per share
4. Ticker Symbol: BLSH
5. Capital Raise Estimate: Up to $629 million
6. Lead Underwriters: J.P. Morgan, Jefferies, Citigroup
7. Expected Listing: August 2025
8. Extra Option: 3.05 million additional shares for underwriters
Read Also: 2025: The Year of Crypto IPOs? Circle's Stock Market Listing
Why the Bullish IPO Matters Now
Bullish's roadshow kicks off at a time when crypto is witnessing a regulatory renaissance. The GENIUS Act, recently passed under the Trump administration, provides long-awaited clarity for stablecoins and digital asset exchanges.
This legislative support is fueling a wave of investor optimism and institutional adoption, setting the stage for crypto-native firms like Bullish to make significant inroads in public markets.
Bullish’s IPO marks one of the most anticipated crypto listings since Coinbase and Circle, signaling that Wall Street is warming up again to blockchain-based business models.
Read Also: Firm Buys 21K BTC Post-$2.5B IPO: Impact on BTC & Crypto Stocks
Backed by Billionaire Peter Thiel and Wall Street Titans
Source: Bloomberg
One of Bullish’s strongest credibility signals is the backing of Peter Thiel, co-founder of PayPal and Palantir.
His involvement, alongside investors such as Founders Fund, Galaxy Digital, and Nomura, sends a strong message to traditional financiers that Bullish is more than just another crypto startup.
Additionally, BlackRock and ARK Investment Management have expressed non-binding interest in buying up to $200 million worth of shares, further proof that institutional interest is surging ahead of the Bullish NYSE IPO.
Strategic Use of IPO Proceeds: Converting into Stablecoins
Rather than letting IPO funds sit idle, Bullish plans to convert a significant portion of proceeds into U.S. dollar-backed stablecoins. This move helps stabilize its platform liquidity while aligning with the GENIUS Act’s regulatory framework.
It’s a unique, forward-looking approach that positions Bullish as both a crypto exchange and a financial infrastructure innovator, much needed in the post-FTX era.
Bullish’s Institutional Focus: A Different Kind of Exchange
Unlike platforms catering to retail investors or meme coin enthusiasts, Bullish is purpose-built for institutional traders. The platform offers:
1. Deep liquidity
2. Secure custody solutions
3. Regulatory-grade compliance
4. Professional trading infrastructure
This focus sets it apart from competitors like Binance or Robinhood and gives it an edge with enterprise clients, hedge funds, and trading desks seeking reliable, secure platforms.
Read Also: Twenty One Capital to Expand BTC to 43,500 Before IPO
CoinDesk Acquisition: Merging Media & Markets
In 2023, Bullish acquired crypto news giant CoinDesk for approximately $70 million. This move gives Bullish unmatched media influence within the digital asset space, an edge no other exchange holds. It enables Bullish to shape narratives and increase transparency in the sector.
Financial Health and Liquidity
Bullish enters the IPO with an impressive $3+ billion in liquid assets, including:
1. 24,000 BTC
2. 12,600 ETH
3. $400 million in stablecoins and cash
These reserves provide strong downside protection, allowing Bullish to maintain high liquidity even during volatile market swings.
While the exchange did report a $349 million loss in Q1 2025, much of it was due to fluctuating crypto valuations. Analysts argue that investors should focus instead on Bullish’s operating efficiency and stablecoin strategy.
Learning From the Past: From SPAC to Solid Ground
Bullish originally aimed to go public via a SPAC deal with Far Peak Acquisition Corp in 2021 at a lofty $9 billion valuation. However, that plan was shelved in 2022 due to unfavorable market conditions and lack of regulatory clarity.
Now, with better financial footing, a lower but more realistic valuation, and clearer compliance requirements, the company is making a smarter second attempt, reflecting maturity and strategic discipline.
Setting the Stage for Future Crypto IPOs
Source: Bitcoin World
Bullish’s listing is more than a standalone event, it’s a potential bellwether for other crypto firms considering public listings.
With eToro, OKX, Kraken, and Gemini reportedly prepping IPOs, Bullish’s performance could influence the roadmap for the entire crypto industry’s relationship with Wall Street.
As stated by CEO Tom Farley, a former NYSE president, “Becoming a publicly traded company provides our business with key benefits: additional credibility with partners, access to capital, and strategic acquisition power.”
Conclusion: The Future of Finance May Start with Bullish
Whether you’re a crypto veteran or a traditional investor watching from the sidelines, the Bullish IPO on the New York Stock Exchange is a pivotal moment. It blends regulatory compliance, institutional finance, and digital asset innovation in a way few companies have achieved.
With heavyweight backers, a stablecoin strategy, media influence, and deep liquidity, Bullish could very well become the benchmark for crypto's institutional evolution.
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FAQ
What is Bullish?
Bullish is a crypto exchange focused on institutional traders, offering deep liquidity, secure custody, and regulatory compliance.
What is the Bullish IPO valuation?
Bullish is targeting a valuation between $3.8 and $4.2 billion in its NYSE IPO.
Who is backing the Bullish IPO?
The IPO is backed by Peter Thiel, Founders Fund, Galaxy Digital, Nomura, and may include interest from BlackRock and ARK.
When will Bullish list on the NYSE?
Bullish is expected to price its IPO around mid-August 2025 and begin trading shortly after under the ticker BLSH.
Why did Bullish cancel its 2021 IPO attempt?
The earlier attempt via SPAC was dropped due to regulatory uncertainty and market instability.
Disclaimer: The content of this article does not constitute financial or investment advice.
