In This Article
- IPO Could Raise as Much as $629 Million
- The Second Time Around for Going Public
- Capital Strategy Includes Stablecoin Exposure
- Growing Momentum in Crypto IPOs
- Leadership and Media Assets Add Credibility
- Mixed Financials Signal Flashy but Volatile Growth
- Broad Underwriting and Institutional Interest
- What to Keep an Eye On
Bullish, the crypto exchange backed by Peter Thiel, is back in the spotlight with a new IPO filing. This time, the company is aiming for a valuation of up to $4.23 billion as it looks to go public in the United States. It’s a big move, especially after a previous attempt fell flat.
IPO Could Raise as Much as $629 Million
The plan is to sell just over 20 million shares, priced between $28 and $31. If everything goes according to plan and they hit the upper end of that range, Bullish could pull in more than $629 million. That’s before underwriting and other expenses are taken into account.
NEW IPO: #Bullish
Some of you wanted me to let you know when I spotted an #IPO and here it is! pic.twitter.com/x9XlCrQHBw— XtinaRP (@xtina_george) August 4, 2025
The Second Time Around for Going Public
This is not the first time Bullish has tried for an IPO. The company had initially planned to go public via a SPAC deal back in 2022. That earlier plan was based on a much larger valuation, close to $9 billion, but it was shelved when market sentiment turned cold. The new approach is more conservative, but probably more realistic given where the market is now.
Capital Strategy Includes Stablecoin Exposure
In a detail that didn’t get much attention at first, Bullish revealed it plans to convert a good chunk of the IPO proceeds into dollar-based stablecoins. The idea is to park funds in digital cash equivalents issued by selected providers. That gives a glimpse into how Bullish sees the crypto ecosystem evolving and where it wants to place its bets.
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Growing Momentum in Crypto IPOs
The timing of this IPO makes sense. There’s been a resurgence of interest in crypto firms going public. Circle recently raised over a billion dollars and saw its shares jump out the gate. Word is that Kraken, eToro, and others are thinking along similar lines. It’s clear the appetite for regulated, publicly traded crypto companies is back.
Leadership and Media Assets Add Credibility
Tom Farley, who used to run the New York Stock Exchange, is at the helm of Bullish. That brings traditional market experience to a fast-moving space. The company also bought CoinDesk in 2023, giving it a unique position with both a trading platform and a well-known crypto media outlet under the same roof.
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Mixed Financials Signal Flashy but Volatile Growth
Bullish’s financials tell a mixed story. In the first quarter of 2025, the firm posted a net loss of $349 million. A year earlier, it had been in the black by about $105 million. Most of that swing comes down to how crypto assets are valued on paper. Still, the big question is whether the business model can support consistent profitability.
Broad Underwriting and Institutional Interest
The deal is being underwritten by some of the biggest names on Wall Street, including J.P. Morgan and Citigroup. Bullish has also drawn interest from heavyweight investors like BlackRock and ARK, which could each contribute up to $200 million. Those commitments are nonbinding for now but show that major players are paying attention.
What to Keep an Eye On
All eyes will be on how the IPO performs and whether investors buy into the new valuation. There’s also the matter of how Bullish plans to manage its stablecoin exposure, how it handles regulations in different countries, and whether its hybrid model of trading and media proves to be an advantage.
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Key Takeaways
- Bullish is targeting a $4.2 billion valuation in its second IPO attempt, a big drop from the $9 billion SPAC plan scrapped in 2022.
- The IPO aims to raise up to $629 million by selling just over 20 million shares, priced between $28 and $31 each.
- Part of the proceeds will be converted into stablecoins, showing Bullish’s interest in digital cash equivalents for capital management.
- Bullish owns CoinDesk and is led by ex-NYSE president Tom Farley, giving it both media influence and traditional finance credibility.
- Despite big-name backers like J.P. Morgan and BlackRock, Bullish reported a $349 million loss in Q1 2025, raising questions about its path to profit.
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