Peter Thiel’s Crypto Bet: Bullish Files for IPO, Targets NYSE

Bullish IPO Poised to Ride Trump’s GENIUS Act Momentum, Filing for NYSE Listing

In a move signaling growing confidence in the U.S. crypto sector, Peter Thiel-backed cryptocurrency exchange Bullish has officially filed for an Initial Public Offering (IPO) with the Securities and Exchange Commission (SEC), planning to list on the New York Stock Exchange under the ticker $BLSH.

This IPO filing comes on the heels of the GENIUS Act recently signed by President Donald Trump, a sweeping legislative measure aimed at supporting innovation within the blockchain and cryptocurrency industry while providing regulatory clarity. The timing aligns with a broader wave of crypto firms moving toward public markets, including Circle’s $1.1 billion IPO plans and Gemini’s anticipated public listing, as optimism within the digital asset ecosystem accelerates.

Source: X

Bullish Targets Institutional Expansion with IPO Strategy

In a letter included in Friday’s SEC filing, Bullish CEO Tom Farley described the IPO as a critical step for the company’s growth strategy:

“We are pursuing a Bullish IPO because we believe the digital asset industry is entering its next phase of global expansion. We view compliance and transparency as fundamental principles that align with the expectations of open capital markets.”

Farley emphasized that the GENIUS Act’s regulatory clarity has encouraged companies like Bullish to scale operations with confidence, reflecting a shift in the regulatory landscape under the Trump administration that has opened new doors for institutional crypto investments.

Source: X

Bullish, launched in 2021, currently offers crypto spot trading, margin trading, and derivatives trading to a global user base. However, its margin and derivatives products are not yet accessible to U.S. customers, a gap the company hopes to address following its public listing and pending regulatory approvals.

IPO Filing Details: Ticker, Underwriters, Financials

• Ticker: $BLSH

• Exchange: NYSE

• Offering: Ordinary Shares

• Underwriters: JPMorgan, Jefferies, Citigroup, Deutsche Bank, Cantor Fitzgerald

• Filing Date: July 18, 2025

The IPO is being led by an elite roster of underwriters, signaling significant institutional backing for Bullish’s public debut. The exchange also owns prominent crypto media outlet CoinDesk, acquired from Digital Currency Group in 2023, and reportedly holds over 24,000 BTC as part of its treasury, underscoring its financial strength.

Financial Performance and Past Challenges

Despite reporting a net income of $80 million in 2024, Bullish disclosed a net loss of $348.6 million for Q1 2025, a reversal from a $104.8 million profit in the prior year’s quarter. The losses were primarily attributed to market volatility and a failed SPAC attempt in 2021 amid the crypto winter and a wave of regulatory crackdowns paired with rapid interest rate hikes.

However, the company appears to have stabilized its financial strategy, leveraging its growing user base, institutional relationships, and strong compliance infrastructure to position itself for a successful IPO.

Backing from Heavyweight Investors

The IPO filing revealed that Bullish’s major investors include:

• Alexander See

• Pu Luo Chung VC Private Ltd.

• Brendan Blumer, CEO of Block.one

• Affiliates linked to Block.one and other prominent crypto VCs

Peter Thiel’s support, along with these heavyweight backers, has been instrumental in Bullish’s growth, allowing the exchange to expand its services and increase its presence in institutional crypto trading circles.

GENIUS Act Impact: A Regulatory Tailwind for Crypto IPOs

The GENIUS Act (Generating Enhanced National Innovation and Unleashing Satoshi) was signed by President Trump in June 2025, aiming to promote blockchain innovation, establish clear crypto taxation guidelines, and encourage U.S.-based digital asset development. The Act has been hailed by industry leaders as a significant step toward regulatory certainty, reducing the ambiguity that previously clouded crypto projects considering public listings.

Bullish’s decision to proceed with its IPO aligns with this regulatory environment, positioning the exchange to capitalize on the increasing interest from institutional and retail investors seeking compliant, transparent avenues into the crypto sector.

Strategic Positioning: Market Expansion and Institutional Confidence

The crypto exchange plans to use proceeds from the IPO to:

• Expand its derivatives and margin offerings into U.S. markets

• Invest in compliance and security infrastructure to meet evolving regulatory demands

• Scale operational capacity to handle the next wave of institutional crypto adoption

• Strengthen its treasury through strategic Bitcoin and Ethereum holdings

With increased regulatory clarity and investor interest, the Bullish IPO is poised to attract a wide range of market participants, from crypto enthusiasts to institutional investors looking for compliant, high-liquidity trading venues.

Riding the Wave of Public Listings in Crypto

Bullish’s IPO is part of a broader trend of crypto companies seeking to go public amid favorable conditions. Earlier this year, Circle filed plans for a $1.1 billion IPO, while Gemini has signaled its intention to pursue a public listing following increased regulatory clarity in the U.S.

This wave of crypto IPOs under the Trump administration reflects a shift in how crypto companies view capital markets: moving from opaque private funding rounds toward transparent, regulated listings that provide credibility and access to broader investor bases.

Conclusion: A Defining Moment for Crypto’s Next Phase

The Bullish IPO marks a significant milestone for the crypto industry, demonstrating the sector’s maturation and increasing integration with traditional financial markets. Backed by Peter Thiel and other influential investors, and supported by the regulatory clarity offered by the GENIUS Act, Bullish’s NYSE debut could set the tone for future crypto listings, further bridging the gap between digital assets and conventional finance.

As the digital asset ecosystem continues to evolve, Bullish’s IPO represents both an opportunity and a test for the crypto industry’s readiness to embrace transparent, regulated growth within the U.S. market.

Investors and market observers will be closely watching the IPO, eager to see if the momentum can carry Bullish and the broader crypto sector into a new era of mainstream financial legitimacy.

Writer @Ellena

Ellena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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