Digital asset platform Bullish, a crypto giant backed by billionaire investor Peter Thiel, announced on July 19, 2025, that it has publicly filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed Initial Public Offering (IPO) of its ordinary shares. The Cayman Islands-based firm plans to list its shares on the New York Stock Exchange (NYSE) under the ticker symbol ‘BLSH,’ signalling a significant move towards mainstream financial markets for the institutional crypto platform.
High-Stakes NYSE Bid
Bullish has not yet disclosed the number of shares to be offered or the price range for the proposed IPO. Classified as a “foreign private issuer,” the company will benefit from reduced disclosure obligations under U.S. securities laws. The offering is contingent on market conditions, and the underwriters have a 30-day option to purchase additional shares. This IPO attempt follows a previous endeavor in 2021 to go public via a merger with a Special Purpose Acquisition Company (SPAC), Far Peak Acquisition Corp., in a deal that valued Bullish at $9 billion. That transaction was terminated in 2022 due to a confluence of factors, including a steep decline in crypto markets, increased regulatory scrutiny on SPACs, and tightening monetary policy that dampened investor appetite for speculative assets.
This renewed push by Bullish, alongside other crypto firms like Gemini and Grayscale that have filed confidentially with the SEC, reflects a broader industry effort to access public capital and achieve greater regulatory clarity. Bullish has garnered early support from prominent investors, including Peter Thiel’s firms, Founders Fund and Thiel Capital, which were among its initial backers. J.P. Morgan and Jefferies are acting as lead book-running managers for the proposed offering, indicating strong Wall Street interest.
Bullish’s Global Operations and Unique Model
Bullish operates a regulated digital asset exchange with licences in Germany, Hong Kong, and Gibraltar, providing services to institutional clients globally. Its platform combines an innovative automated market maker (AMM) with a central limit order book (CLOB) to provide deep and predictable liquidity, aiming to offer tighter spreads and lower fees for advanced traders. Since its inception, Bullish has processed over $1.25 trillion in total trading volume, with an average daily volume of over $2.5 billion in Q1 2025, positioning it among the top five exchanges globally for spot Bitcoin and Ether trades.
The company’s Hong Kong subsidiaries play a crucial role, handling essential services such as custody, engineering, and compliance. Bullish has explicitly stated that it does not operate in mainland China and is not subject to oversight by Chinese regulatory bodies. Additionally, Bullish acquired CoinDesk, a renowned cryptocurrency news media outlet, in 2023, expanding its presence in the cryptocurrency sector. This strategic acquisition further strengthens Bullish’s position as a comprehensive digital asset platform.
