Cryptocurrency exchange Bullish, a venture backed by prominent investor Peter Thiel, has officially filed for an initial public offering (IPO), signaling a significant move to enter the public markets. According to its F-1 registration statement filed with the U.S. Securities and Exchange Commission on Monday, August 4, 2025, the company is aiming to raise up to $629 million.
The filing details a plan to offer 20.3 million ordinary shares at an anticipated price range of $28 to $31 per share. If successful, this would place the company’s valuation between $3.8 billion and $4.2 billion. The exchange intends to list on the New York Stock Exchange under the ticker symbol “BLSH.”
This marks Bullish’s second attempt to go public. In 2021, the company had agreed to a merger with a special purpose acquisition company (SPAC), Far Peak, in a deal that valued it at a much higher $9 billion. However, those plans were terminated in December 2022, with the company citing challenging “market conditions” and “time constraints.”
In a letter included with the new filing, Bullish CEO Tom Farley expressed confidence in the timing of this IPO. “We now intend to IPO because we believe that the digital assets industry is beginning its next leg of growth,” Farley stated. “We view transparency and compliance as hallmarks of how we operate Bullish, and believe those values align well with the public capital markets.” He added that going public would provide “additional credibility with partners, counterparties and regulators; access to capital; and an equity currency with which to make strategic acquisitions.”
The move comes amid a more favorable sentiment toward the digital asset industry, partly influenced by a perceived easing of the regulatory environment. Bullish is positioning itself as an institution-focused platform, emphasizing its regulatory and compliance framework. The company is licensed by the Gibraltar Financial Services Commission (GFSC) and its annual financial statements are audited by Deloitte, according to its corporate website. This focus on compliance is central to its strategy to attract institutional investors.
Bullish, which also owns the crypto media publication CoinDesk, has demonstrated significant growth. The exchange reported that its trading volumes more than doubled in 2023 and saw a 78% increase in the first quarter of 2025 compared to the same period in 2024. The company’s filing also noted an estimated change of nearly $225 million in net income for the three-month period ending June 30, 2025, largely attributed to favorable changes in the fair value of its digital asset holdings rather than operating income.
The IPO proceeds are earmarked for expanding its geographical footprint, enhancing product offerings—with a specific mention of options trading—and improving its information services. The decision by Bullish to pursue a traditional IPO follows the successful public debuts of other major crypto firms, including stablecoin issuer Circle and fellow exchange eToro. It also aligns with reports that other industry giants like Kraken, OKX, and Gemini are considering a similar path, suggesting a broader trend of maturation and a push for mainstream financial integration within the cryptocurrency sector.
