Crypto markets may be entering a new boom, and Bullish wants in fast. The Peter Thiel-backed exchange has officially launched its U.S. IPO bid, targeting a $4.23 billion valuation as it races to capitalize on rising regulatory clarity and market optimism.
As per Reuters report, Bullish hopes to raise up to $629.3 million by offering 20.3 million shares, priced between $28 and $31. The listing will take place on the New York Stock Exchange under the ticker “BLSH.” This is the company’s second IPO attempt after scrapping a 2021 SPAC deal that targeted a $9 billion valuation.
This comes as the digital asset sector regains momentum with possible U.S. regulatory clarity. Favorable policies under the Trump administration held sway, especially with the passage of the GENIUS Act lately. The new law lays down the basics of legal infrastructure for stablecoins, giving crypto firms some conclusions on which they can scale.
Moreover, Bullish plans to convert a large share of the IPO proceeds into U.S.-dollar stablecoins. It will partner with one or more stablecoin issuers to execute this strategy. Hence, the move signals deep trust in crypto-based assets, especially after Circle’s explosive public debut. Circle, one of the top stablecoin issuers, now trades over 400% above its IPO price.
Bullish mainly serves institutional traders and holds regulatory licenses in the U.S., Germany, Hong Kong, and Gibraltar. CEO Thomas Farley, a former NYSE president, leads the exchange with experience and market foresight.
Further, Bullish owns the crypto news outlet CoinDesk, acquired from Barry Silbert’s Digital Currency Group in 2023. This adds weight to its media profile. Lead IPO underwriters include J.P. Morgan, Jefferies, and Citigroup. It might be a boon to crypto IPO hopes if it goes well.
