Bullish To Raise $629M Via IPO At $4.2B Valuation

Bullish, a crypto platform backed by billionaire Peter Thiel, is looking to raise up to $629 million through an initial public offering (IPO).

In an updated F-1 filing with the US Securities and Exchange Commission (SEC), the crypto exchange operator and CoinDesk owner outlined plans to issue 20.3 million shares priced at between $28.00 and $31.00. 

That would value Bullish at $4.2 billion. If approved, shares in the company could start trading as early as Aug. 12.

BlackRock And ARK Invest Have Indicated Interest In Bullish Shares

According to the filing, major financial institutions have already indicated interest in Bullish shares. 

Among those institutions are investment accounts managed by subsidiaries of asset management giant, BlackRock, and Cathie Wood-led asset manager, Ark Invest. These accounts have signaled their intention to buy up to $200 million in Bullish shares at the IPO price.

Bullish, a cryptocurrency exchange has filed for an IPO on the NYSE under the ticker $BLSH

Here’s a thread with key details about the upcoming IPO.

🧵 👇 pic.twitter.com/xY2SJJRD7A

— John Muchow, MSCS (@JohnMuchow) August 4, 2025

Some of the proceeds will be converted into US dollar-denominated stablecoins, the filing said. 

Multiple Crypto Companies Pursue Public Listings

Bullish is the latest in a series of crypto companies pursuing public listings, and follows the successful public debut of USD Coin (USDC) issuer, Circle. Shortly after its listing, the company’s shares were up 500% at one point. It has since pulled back, but is still up more than 138% from its debut, data from Yahoo Finance shows. 

Crypto-focused asset manager Grayscale Investments has also jumped on the trend with its own confidential draft registration statement, while crypto exchange Kraken is eyeing a 2026 IPO at a $15 billion valuation. BitGo filed for a US public offering in July as well, but did not disclose the number of shares or its targeted valuation.

There are also reports that OKX is considering its own IPO after resuming operations in the US in April this year. 

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