Bullish Crypto Exchange Backed By Peter Thiel Files for $629 Million IPO

Bullish, a cryptocurrency exchange platform backed by prominent investors including billionaire Peter Thiel, has announced plans to raise up to $629 million through an initial public offering (IPO), according to a filing with the U.S. Securities and Exchange Commission on August 4, 2025. The company intends to sell 20.3 million shares priced between $28.00 and $31.00 each, potentially valuing Bullish at $4.2 billion. This move follows a confidential IPO filing in June, which allowed the company to prepare for its public debut discreetly before disclosing financial details. The IPO, led by major underwriters JPMorgan and Jefferies, comes at a time when the digital asset market is experiencing significant growth, highlighted by the recent success of Circle Internet Group’s IPO.

Strategic Move Amid Crypto Market Surge

Bullish positions itself as an institutionally focused digital asset platform, emphasizing robust market infrastructure to attract high-caliber investors and partners. Founded in 2021 after Block.one secured nearly $10 billion in funding, Bullish counts notable backers such as Thiel, hedge fund manager Alan Howard, Galaxy Digital’s Mike Novogratz, and Japanese banking giant Nomura. The company also owns CoinDesk, a leading crypto news and research firm, which it highlights extensively in its IPO prospectus for its role in providing market insights and analysis. This acquisition strengthens Bullish’s brand as a comprehensive player in the crypto ecosystem, combining trading capabilities with authoritative industry intelligence.

The decision to go public aligns with a favorable market environment for cryptocurrencies, as evidenced by Circle Internet Group’s IPO, which saw its shares surge over 500% shortly after listing. Bullish CEO Tom Farley emphasized the strategic timing in the prospectus, stating that the digital assets industry is poised for its next phase of growth. He noted that becoming a publicly traded company will enhance Bullish’s credibility with regulators, partners, and counterparties while providing access to capital for future expansion. Farley also highlighted the potential to use the company’s equity as a currency for strategic acquisitions, signaling ambitious growth plans.

Bullish’s IPO reflects a broader trend of crypto firms seeking to leverage public markets to scale operations and gain mainstream legitimacy. The platform’s institutional focus sets it apart in a crowded market, targeting sophisticated investors and organizations looking for reliable infrastructure in digital asset trading. With the crypto market showing renewed vigor, Bullish’s public offering could attract significant investor interest, particularly given its high-profile backers and strategic positioning. The success of this IPO may further signal the maturing of the cryptocurrency industry, as more firms transition from private ventures to publicly traded entities, fostering greater transparency and market confidence.