Yet another crypto exchange is preparing to test public market appetites, with Bullish—the digital asset trading platform backed by Peter Thiel—targeting a nearly $1 billion initial public offering that would value the company at approximately $4.8 billion.
Another crypto exchange seeks public validation as Bullish pursues a $1 billion IPO with ambitious $4.8 billion valuation target.
The company plans to offer 30 million shares priced between $32 and $33, aiming to raise between $975 million and $990 million when it lists on the New York Stock Exchange under ticker “BLSH.” An additional 4.5 million shares remain available to underwriters via the traditional greenshoe option, suggesting expectations of robust demand in what has become an increasingly crowded field of crypto intermediaries seeking public validation.
Wall Street’s most recognizable names are leading this particular parade, with JPMorgan, Jefferies, and Citigroup heading the underwriting syndicate alongside Cantor Fitzgerald, Deutsche Bank, and Société Générale.
Perhaps more tellingly, institutional heavyweights BlackRock and ARK Investment Management have committed $200 million in shares—a clear signal that crypto’s migration from fringe asset class to mainstream portfolio allocation continues apace.
Bullish operates what it describes as a hybrid market structure, combining automated market makers with a central limit order book while maintaining regulatory compliance in the Cayman Islands. As crypto exchanges increasingly serve as primary marketplaces for institutional trading, platforms must navigate complex regulatory frameworks that vary by jurisdiction.
The platform targets institutional-grade digital asset trading, positioning itself strategically as traditional finance firms increasingly embrace crypto exposure. The company also owns CoinDesk, the crypto news outlet acquired in 2023 for $72.6 million, adding media influence to its trading operations.
The timing appears fortuitous. After posting losses in late 2024 and early 2025, Bullish projects net income between $106 million and $109 million for Q2 2025—a dramatic reversal that coincides with renewed crypto market momentum and clearer regulatory frameworks. Bullish’s current IPO attempt follows a previous failed effort in 2021 through SPAC Far Peak, which was ultimately called off in late 2022 due to regulatory obstacles.
This profitability trajectory, combined with growing institutional adoption and higher cryptocurrency prices, creates what management likely views as an ideal IPO window.
Whether public markets will embrace yet another crypto exchange at a $4.8 billion valuation remains an open question, though institutional commitment and Wall Street‘s enthusiastic participation suggest confidence in Bullish’s ability to capitalize on crypto’s continued mainstreaming.
