Peter Thiel-backed crypto startup Bullish eyes $4.2B NYSE IPO amid stablecoin surge

Crypto exchange Bullish is giving the public markets another shot. Backed by billionaire Peter Thiel, the startup is aiming for a valuation of up to $4.23 billion as it kicks off its U.S. listing process, according to a filing made public Monday. The roadshow is officially on, and Bullish is hoping to ride the current wave of momentum surrounding digital assets, driven in large part by a shift in Washington.

The company’s timing isn’t random. Digital asset firms have gained momentum thanks to favorable policies emerging from the Trump administration. One example: the recently passed GENIUS Act, which lays the groundwork for stablecoin regulation. That initial framework—thin as it may be—is giving crypto startups some breathing room after years of regulatory chokeholds.

Bullish Goes Public: Crypto Exchange Aims for $4.2B Valuation on NYSE Under “BLSH”

This isn’t Bullish’s first IPO attempt. The company previously tried to go public via a $9 billion SPAC deal in 2021 but scrapped it a year later, blaming regulatory uncertainty. This time, it’s opting for a traditional IPO route, offering 20.3 million shares at $28 to $31 apiece, with hopes of raising up to $629.3 million, Reuters reported. If all goes to plan, Bullish will trade on the New York Stock Exchange under the ticker “BLSH.”

One interesting twist: Bullish plans to convert a large chunk of its IPO proceeds into U.S. dollar-denominated stablecoins. That move will involve one or more issuers of those tokens, the filing said, though it didn’t name names.

If that strategy sounds familiar, it’s because another major player just pulled it off. Circle, the company behind USDC, made a blockbuster debut on the NYSE in June. Its stock has since surged more than 400% above its IPO price, offering a real-time example of what crypto companies can achieve when sentiment and regulation align.

Bullish’s leadership is another factor drawing attention. CEO Thomas Farley once ran the New York Stock Exchange, and now he’s returning—this time on the other side of the bell. The company caters to institutional investors and holds regulatory approvals in the U.S., Germany, Hong Kong, and Gibraltar.

Beyond trading, Bullish also owns CoinDesk, the crypto-focused news outlet it acquired last year from Barry Silbert’s Digital Currency Group in an all-cash deal. CoinDesk has long been one of the most influential media voices in crypto, and its new parent clearly plans to keep it close.

J.P. Morgan, Jefferies, and Citigroup are leading the offering, according to the filing.

For Bullish, it’s now a question of whether the second time’s the charm—and whether investors still believe in crypto’s promise when it’s paired with a little more clarity from regulators.

Bullish was launched in 2020 as an institutional-focused crypto exchange, originally created and funded by Block.one—the blockchain firm behind EOS. Block.one backed the venture with a staggering $9.3 billion in bitcoin, making it one of the most heavily capitalized startups in the space. Today, Bullish is led by Tom Farley, the former president of the New York Stock Exchange.