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August 04, 2025
Bullish IPO: Crypto exchange Bullish has officially launched its U.S. listing roadshow. The company is looking to reach a valuation of up to $4.23 billion, as per a filing shared on Monday.
This timing isn’t random. Interest in digital assets is rising, especially as regulatory rules in the U.S. start to become clearer.
Many crypto-related companies are gaining ground. A major boost has come from the Trump administration's crypto-friendly stance.
One example is the recent GENIUS Act, which sets up the first official framework for stablecoins. That’s helped rebuild trust and attract fresh investments.
Bullish, the crypto exchange backed by billionaire Peter Thiel, has revealed its next move.
It plans to convert a large chunk of its IPO funds into stablecoins pegged to the U.S. dollar.
This will be done in partnership with one or more trusted stablecoin issuers, as mentioned in its filing.
Meanwhile, Circle Internet (CRCL), one of the top names in the stablecoin space, made headlines in June. It had a blockbuster listing on the NYSE and is now trading at over four times its original IPO price.
Bullish is looking to raise up to $629.3 million in its IPO. The company plans to sell 20.3 million shares, with prices ranging from $28 to $31 each.
This is Bullish's second shot at going public in just four years.
If it hits the top of that range, the company’s valuation would still be over 52% lower than what it aimed for back in 2021.
At that time, Bullish planned a $9 billion merger through a SPAC deal. But in 2022, the plan was dropped due to regulatory roadblocks.
Bullish is headed by Thomas Farley, who previously held the role of president at the New York Stock Exchange. The company runs a crypto exchange platform focused on serving institutional investors.
It operates under regulatory oversight in multiple regions, including the United States, Germany, Hong Kong, and Gibraltar.
In 2023, Bullish also made headlines by buying the crypto media outlet CoinDesk. The platform was acquired from Digital Currency Group, which is led by Barry Silbert.
For its IPO, JPMorgan, Jefferies, and Citigroup are leading the underwriting process. Bullish plans to go public on the NYSE using the stock symbol “BLSH.”
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