Crypto exchange Bullish has launched its initial public offering (IPO) roadshow, targeting a valuation of up to $4.23 billion, as digital asset firms regain investor confidence amid a policy renaissance under the Trump administration.
The company plans to raise as much as $629.3 million by offering 20.3 million shares priced between $28 and $31 each, according to a filing with the U.S. Securities and Exchange Commission on Monday.
The IPO marks Bullish’s second attempt to go public, following a scrapped $9 billion SPAC merger in 2022 that collapsed under the weight of regulatory uncertainty. Now, with a friendlier political environment, the firm appears better positioned to succeed. At the top of the proposed range, the valuation still comes in more than 50% below its 2021 peak, but analysts say that may be a calculated move to generate upward momentum.
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“When an IPO begins marketing, the bankers would rather undershoot on valuation and then price up, rather than overshoot and price down,” said Matt Kennedy, senior strategist at Renaissance Capital.
Trump’s Pro-Crypto Posture Boosts Confidence
Bullish’s renewed push to list in the U.S. comes at a pivotal time for the broader crypto sector. President Donald Trump’s administration has made a series of high-profile moves to legitimize and support the cryptocurrency and blockchain ecosystem—a reversal from previous cycles marked by regulatory hostility.
Among the most consequential steps is the signing of the GENIUS Act earlier this year. The legislation establishes a national framework for the regulation of stablecoins, clarifies how digital assets should be classified, and encourages the development of blockchain infrastructure across various industries. The law has been praised for offering clarity to both issuers and investors, unlocking a wave of venture capital and IPO activity not seen since 2021.
In addition, the Trump administration has:
- Appointed pro-crypto figures to key financial regulatory positions, including individuals sympathetic to decentralized finance (DeFi) and blockchain development.
- Pressed federal agencies such as the SEC and CFTC to accelerate their coordination on crypto policy, reducing regulatory fragmentation.
- Proposed tax reforms that would ease reporting requirements for small-scale crypto transactions, removing a barrier to consumer-level adoption.
- Fast-tracked AI and blockchain R&D funding, with crypto infrastructure specifically cited as a national interest under a new federal innovation roadmap.
These moves have sharply contrasted with the regulatory gridlock and enforcement-first approach seen during prior administrations, sparking what many in the industry are calling a second crypto boom in the U.S.
Bullish Rides the Wave
Bullish is one of the latest firms seeking to ride this regulatory tailwind. Backed by billionaire Peter Thiel, the company operates a crypto trading platform aimed at institutions. It also owns CoinDesk, the prominent digital asset news outlet it acquired from Barry Silbert’s Digital Currency Group in 2023.
Its CEO, Thomas Farley, formerly presided over the New York Stock Exchange and brings deep Wall Street experience to the crypto arena. Bullish is aiming to list on the NYSE under the ticker BLSH, with J.P. Morgan, Jefferies, and Citigroup serving as lead underwriters.
According to its IPO filing, the company plans to convert a significant portion of its offering proceeds into USD-backed stablecoins through partnerships with one or more leading issuers. This echoes the recent strategy used by Circle Internet, a major stablecoin issuer that had a blockbuster IPO in June and is now trading more than 400% above its debut price.
Despite recent losses—Bullish posted a $349 million deficit for the quarter ending March 31, compared with a $105 million profit a year earlier—investors are focusing on long-term fundamentals. As Kennedy of Renaissance Capital noted, “Investors will focus on how efficient [Bullish is] and how profitable it is as a pure exchange, without the impact of quarterly price changes.”
A New Chapter for Crypto IPOs
Bullish’s public offering is the clearest sign yet that crypto firms are regaining access to U.S. capital markets, a privilege that looked increasingly unlikely just a few years ago. While digital asset prices remain volatile, regulatory clarity and executive-level backing from Washington are injecting fresh energy into the sector.
With Trump’s administration laying out what some call the most crypto-friendly policy landscape in U.S. history, companies like Bullish may now find the environment finally supportive enough to scale, list, and deliver on their original promises to investors.
If successful, Bullish’s IPO could serve as a bellwether for others waiting on the sidelines, marking the beginning of a renewed era of U.S.-anchored crypto finance.