Bullish, a cryptocurrency exchange backed by Peter Thiel, has raised $1.1 billion in its upsized initial public offering (IPO), pricing 30 million shares at $37, above its expected range of $32 to $33. The listing gives Bullish a valuation of approximately $5.4 billion, and the company will begin trading on the New York Stock Exchange (NYSE) under the ticker BLSH from August 13, 2025.
The IPO exceeded expectations following strong investor demand. Earlier this week, Bullish raised its pricing range to target as much as $990 million, but ultimately cleared that figure during final pricing. The achievement comes after a vigorous marketing campaign and is indicative of increased market interest in digital asset companies.
With this IPO, Bullish formally joins the expanding group of publicly traded cryptocurrency companies, a trend that is accelerating under the Trump administration’s pro-crypto stance. According to Reuters, institutional investors, including BlackRock and ARK Invest, have committed to acquire up to $200 million worth of shares, with JPMorgan, Jefferies, and Citigroup being the lead underwriters for the offering.
After a prior SPAC agreement fell through in 2022, Bullish made a second try at a public listing in July, filing a confidential filing with the U.S. Securities and Exchange Commission (SEC) in June and then submitting a public registration.
The listing reflects a broader resurgence in the U.S. crypto capital markets. Companies in the sector are increasingly turning to IPOs or digital asset strategies to engage public investors, supported by favorable regulatory shifts like the recently signed GENIUS Act and a rebound in crypto valuations.
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