Bullish, the Peter Thiel-backed cryptocurrency platform, has filed for an IPO, aiming to raise $629.3 million at a valuation of up to $4.23 billion. This marks their second attempt to go public, buoyed by favorable crypto policymaking. Despite a recent quarterly loss, investors will focus on Bullish’s efficiency as a pure exchange, excluding the impact of crypto price swings.
Cryptocurrency platform Bullish has officially filed an initial public offering (IPO) with the US Securities and Exchange Commission (SEC) on Monday (August 4, 2025), seeking to raise $629.3 million by offering 20.3 million shares priced between $28 and $31 each. The latest IPO filing marks the Peter Thiel-backed crypto firm’s second attempt to go public in four years. Bullish is targeting a valuation of up to $4.23 billion in its United States listing, the company said in a filing.
According to news agency Reuters, companies leveraging crypto and related technologies have rallied on friendly policymaking from the Trump administration, such as the recent passage of the GENIUS Act, which provides an initial regulatory framework for stablecoins.
At the top of its proposed range, the crypto exchange is set to list at a more than 52% discount to its $9 billion valuation target in a 2021 blank check merger that it called off in 2022, citing regulatory hurdles.
Bullish plans to convert a significant portion of the IPO proceeds to U.S.-dollar-denominated stablecoins with the assistance of one or more issuers of such tokens, it said in the filing.
Major stablecoin issuer Circle Internet had a blowout debut on the NYSE in June 2025 and currently trades at more than 400% of its IPO price. Reuters reported. INVESTOR FOCUS Bullish, whose CEO Thomas Farley previously served as president of the New York Stock Exchange, operates a crypto-trading exchange targeting institutions.
It also operates a crypto news website, CoinDesk, which it acquired from Barry Silbert’s Digital Currency Group in 2023. Bullish swung to a $349 million loss for the quarter ended March 31, compared with a profit of $105 million a year earlier, reflecting a fall in fair value of its crypto holdings.
Meanwhile, Coinbase, the largest public crypto exchange, reported a drop in second-quarter adjusted profit on Friday (August 1, 2025) due to a slowdown in trading, which dragged its shares down nearly 17%, even though the company recorded portfolio gains.
Some investors tend to overlook the impact of quarterly swings in crypto prices when evaluating such companies, analysts have said. According to Renaissance Capital’s Kennedy, investors will focus on “how efficient (bullish) and how profitable it is as a pure exchange, without the impact of quarterly price changes.” Bullish aims to list on the NYSE under the symbol “BLSH.” J.P. Morgan, Jefferies, and Citigroup are the lead underwriters.
