Bullish, the cryptocurrency exchange supported by billionaire investor Peter Thiel, has moved closer to entering the public markets with the submission of an initial public offering (IPO) filing to the U.S. Securities and Exchange Commission.
The company intends to list on the New York Stock Exchange under the ticker “BLSH,” indicating its ambition to further integrate the digital asset space with conventional financial markets.
Led by CEO Tom Farley, a former president of the NYSE, Bullish is establishing itself as a player in the crypto exchange arena, targeting institutional investors with sophisticated trading technology and services. The exchange was originally created as a spin-off from blockchain software provider Block.one and received early financial backing from Thiel’s Founders Fund and Thiel Capital, alongside major institutional investors such as Nomura and prominent crypto entrepreneur Mike Novogratz.
To broaden its influence, Bullish purchased the well-known crypto news outlet CoinDesk in 2023.
Financial disclosures released as part of the IPO reveal a mixed recent track record. Bullish posted a net income of roughly $80 million for the calendar year 2024, but the first quarter of 2025 was less favourable, with the company reporting a net loss of $349 million, a sharp reversal compared with a net profit of $104.8 million for the same period last year.
This downturn shows the sector’s volatility, influenced by evolving market conditions and regulatory developments that continue to challenge digital asset firms.
Despite the financial setbacks, Bullish emphasises strong trading volumes. Since its launch, the platform has facilitated over $1.25 trillion in cumulative trading activity. The first quarter of 2025 alone saw an average daily trading volume exceeding $2.5 billion, positioning Bullish among the top five global exchanges for spot trading of Bitcoin and Ether.
The company operates subsidiaries across key jurisdictions, including Hong Kong, Singapore, the United Kingdom, Germany, Gibraltar and the Cayman Islands, with its Hong Kong offices holding licences for critical functions such as technology development, cybersecurity, and asset custody.
Bullish’s IPO is expected to raise up to $100 million, with a primary focus on institutional investors. The company aims to utilise these funds to accelerate product development and expand its market reach within an increasingly competitive industry. Its regulatory filing states that Bullish’s mission is “to drive the adoption of stablecoins, digital assets, and blockchain technology.”
This move comes amid a wave of public market activity in the cryptocurrency sector throughout 2025. Notably, Circle, issuer of the USDC stablecoin, went public in June and saw its valuation multiply more than sevenfold soon after its IPO.
Meanwhile, eToro launched its public offering in May, Galaxy Digital transitioned its listing from the Toronto Stock Exchange to Nasdaq in the same month, and Gemini, the exchange founded by Cameron and Tyler Winklevoss, submitted a confidential filing for an IPO in June.
Bitcoin has also enjoyed notable gains this year, trading at levels above $117,000, up from around $94,000 at the start of 2025, maintaining strong investor interest.
On the regulatory front, President Donald Trump signed the GENIUS Act into law, introducing the first comprehensive rules aimed at consumer protections for stablecoins—cryptocurrencies pegged to traditional assets like the U.S. dollar. The legislation is designed to reduce the price volatility that has often characterised digital coins and provides a framework for greater transparency and stability in the crypto market.