Thiel-led cryptocurrency endeavor sees substantial $629 million investment.
Bullish Crypto Exchange to Go Public with Upcoming IPO
The crypto exchange Bullish, backed by prominent investors such as Peter Thiel and billionaire hedge fund managers Louis Bacon and Alan Howard, is set to make its debut on the New York Stock Exchange (NYSE) with an Initial Public Offering (IPO) scheduled for August 13, 2025.
The IPO aims to raise up to $629.3 million by offering 20.3 million shares priced between $28 and $31 per share. Underwriters also have the option to purchase an additional 3.045 million shares within 30 days of the IPO to meet demand. The shares will trade under the ticker symbol "BLSH."
Bullish, founded as a subsidiary of the crypto software firm Black.one, a portfolio company of PayPal co-founder Peter Thiel, holds approximately $3 billion in digital assets, including 24,000 Bitcoins, to provide liquidity and boost investor confidence. At the top of the price range, the company's valuation could reach about $4.2 billion based on outstanding shares data.
Major asset managers such as BlackRock and Cathie Wood's flagship fund Ark Investment Management have expressed interest in purchasing up to $200 million in shares during the IPO. Bullish, led by CEO Thomas W. Farley, aims to offer institutional-grade trading infrastructure and blockchain adoption support while expanding its media and data offerings through the CoinDesk acquisition.
Notable events in the crypto space have contributed to the IPO's timing. The Biden administration had previously rolled back regulations, but Trump's pro-crypto stance and industry-friendly policy have helped create a more favorable environment. Additionally, the successful IPO of Stablecoin operator Circle Internet, which raised over $1.1 billion, marks a new wave of crypto IPOs.
In related news, Gemini, the crypto exchange of the Winklevoss twins, has reportedly filed confidentially for a listing. The temporary Bitcoin price rise above $100,000, due in part to Trump's pro-crypto stance, further underscores the growing institutional interest in the crypto space.
| Aspect | Details | |------------------------|---------------------------------| | Exchange | NYSE | | IPO Date | Trading expected to start August 13, 2025 | | Shares Offered | 20.3 million shares | | Price Range | $28 to $31 per share | | Potential Raise | Up to $629.3 million | | Overall Valuation | Approx. $4.2 billion (top range)| | Underwriter Option | Additional 3.045 million shares | | Ticker Symbol | BLSH |
This information is based on the most recent regulatory filings and market disclosures as of early August 2025. It's worth noting that Louis Bacon no longer holds any shares in Bullish, and Black.one reduced its stake in Bullish to below 50 percent in July 2024.
The IPO of Bullish, a crypto exchange backed by investors such as Peter Thiel, aims to invest over $629 million by offering technology-driven solutions in the finance industry. With Bullish's expansion into institutional-grade trading infrastructure and blockchain adoption support, it is poised to attract major asset managers like BlackRock and Ark Investment Management.
