Peter Thiel-backed crypto exchange Bullish has once again filed for a U.S. IPO after its failed previous attempts. The exchange aims to raise $629 million by offering 20.3 million shares, priced between $28 and $31. Bullish is targeting a valuation of $4.23 billion.
The crypto exchange is making another attempt in its listing plan, as it tries to capitalize on favorable policies like the GENIUS Act, which has provided regulatory clarity for stablecoins. Bullish joins the global trend of public listing after firms like Coinbase and Circle entered the NYSE.
Bullish Makes Another Foray into Listing
The cryptocurrency exchange is making its second attempt to go public in four years after admitting to regulatory issues in the previous one in 2022. Bullish is optimistic that this time, its listing plan will become successful amid new marketing plans and positive sentiments in the crypto industry.
According to the listing details, Bullish will list at a more than 52% discount to its $9 billion valuation target in 2021. The company will list on the NYSE under the ticker “BLSH,” with JPMorgan and Citigroup as the lead underwriters. Heavyweights, such as BlackRock and ARK Investment, have pledged a commitment of up to $200M in shares at listing, signalling strong confidence in Bullish.
Bullish Sets for an Explosive Growth
The crypto exchange is poised for rapid growth following its listing, having become a major player in the digital asset ecosystem. It operates across 50 jurisdictions, providing spot and derivatives trading via order books and AMMs. This hybrid model has attracted institutional clients seeking deep liquidity.
Also, Bullish’s past strategic investments will catalyze further growth. The exchange purchased CoinDesk for $72.6 million in November 2023, a move that surprised experts and enthusiasts. However, the purchase was strategic, as expanding into the media space will help Bullish gain more reach and engagement. CoinDesk attracted an average of 4.9 million unique monthly visitors in 2024.
Bullish also has strong financials. The exchange holds more than $3 billion in liquid assets, including $418M in cash and stablecoins. Although the company reported a $349 million loss in Q1, Q2 projected profits stand at $106 – $109 million.
How Listing Benefits Investors
When a crypto exchange goes public, its investors gain exposure to assets in the ecosystem via a regulated infrastructure provider, which is Bullish in this sense. That means investors can access regulated products in a fast-rising industry, such as crypto. This is what Bullish investors stand to gain if Bullish succeeds with its IPO launch.
Bullish also has a more asset-rich balance sheet than most crypto companies. The company has large reserves in digital assets that serve as collateral. Adding that to its cash and stablecoin reserves puts it in a better capitalized position than most exchanges. With support from BlackRock and ARK Investment, the IPO signals confidence in Bullish’s model and vision.
The crypto exchange has indicated that proceeds from the IPO will be converted to USD-pegged stablecoins with the assistance of an issuer of one of the tokens. It also indicated plans to invest in product innovation and potential companies. This plan will deepen crypto liquidity operations, benefiting traders. Experts suggest Bullish may partner with Circle, which has been thoroughly compliant since its emergence.
Blockchain Firms Continue to File for Public Offer
Bullish’s IPO joins a wave of companies going public. Circle, Coinbase, and eToro recently joined the NYSE, while Kraken, BitGo, Tron, and OKX have filed for an IPO.
Recently, SoFi co-founder Mike Cagney’s Figure Technology Solutions submitted a confidential draft S-1 filing to the U.S. SEC on Monday for a proposed IPO, with plans to go public later this year. The company, which describes itself as a “blockchain-native capital marketplace,” has previously raised a total of $120M.
Blockchain firms are capitalizing on the new regulatory environment under Donald Trump to make their strategic moves. Bullish’s entry signals maturity and transparency, traits valued by regulators. However, its previously failed attempt, coupled with volatility and market sentiments, may be a hindrance to its IPO success.
