Cryptocurrency exchange Bullish, which is backed by billionaire Peter Thiel, completed its initial public offering on Wednesday. It raised $1.11 billion by selling 30 million shares at $37 each, which is well above its targeted $32-$33 price range. The offering values the company at $5.41 billion.
The exchange began trading on the New York Stock Exchange under the ticker symbol “BLSH”. JPMorgan, Jefferies, and Citigroup served as lead underwriters for the deal.
Institutional investors BlackRock and Cathie Wood’s Ark Investment Management committed to purchase up to $200 million worth of shares from the offering, demonstrating strong institutional appetite for crypto-related investments.
Former New York Stock Exchange president Tom Farley leads Bullish, which operates a cryptocurrency exchange offering spot trading, futures, and derivatives. The company also owns financial media outlet CoinDesk.
The successful IPO follows a quick marketing campaign, during which Bullish raised both the deal size and price range due to strong investor interest. The company first filed confidentially in June and then made its public registration with the U.S. Securities and Exchange Commission in July.
Trump Administration Sets the Stage for Crypto’s Public Market Debut
Bullish first tried to become a publicly traded company in 2021 through a Special Purpose Acquisition Company (SPAC) merger, which aimed to value the company at $9 billion. This SPAC deal collapsed in 2022 due to unfavorable market conditions, including rising interest rates and a broader downturn in the stock and crypto markets. Regulatory uncertainties in the U.S. at the time also contributed to the failure.
The company’s successful listing now extends a resurgence in U.S. crypto capital markets activity.
The IPO follows Circle Internet’s blockbuster June debut, which saw shares surge over 400% since listing. Several cryptocurrency companies have tapped public markets this year, benefiting from crypto-friendly policies under the Trump administration. In July, President Donald Trump signed the GENIUS Act, creating a regulatory framework for dollar-pegged stablecoins and providing long-sought legitimacy for the digital asset industry.
The Act and improving market conditions have boosted investor confidence in crypto-related investments. Multiple firms have submitted listing documents to regulators, including Figure Technology, Grayscale, and BitGo, suggesting more crypto IPOs may follow.
