Bullish, a cryptocurrency exchange backed by Peter Thiel, is aiming for a $4.23 billion valuation in its U.S. IPO, planning to raise up to $629.3 million by offering 20.3 million shares priced between $28 and $31 each.
This marks its second attempt to go public after a failed $9 billion SPAC deal in 2021, which was abandoned in 2022 due to regulatory issues. The company, led by former NYSE president Tom Farley, will list on the NYSE under the ticker “BLSH” and plans to convert a significant portion of the proceeds into U.S. dollar-denominated stablecoins.
The IPO comes amid a crypto-friendly regulatory shift, driven by the Trump administration’s passage of the GENIUS Act, which provides a framework for stablecoins. Bullish, which serves institutional traders and owns CoinDesk, reported a $349 million loss in Q1 2025, compared to a $105 million profit the prior year, due to a decline in the value of its crypto holdings.
Bullish’s IPO signals strong institutional interest in crypto exchanges, especially with a high-profile backer like Peter Thiel and leadership from Tom Farley (former NYSE president). A successful IPO at this valuation could legitimize crypto platforms further, attracting more institutional capital.
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However, Bullish’s prior failed SPAC deal in 2021 due to regulatory hurdles underscores the volatility of crypto’s regulatory landscape. Even with new frameworks, compliance costs and scrutiny remain significant challenges. Bullish’s $349 million loss in Q1 2025, compared to a $105 million profit the prior year, highlights the volatility of crypto holdings.
The IPO’s success may hinge on market sentiment toward crypto, which has historically been prone to sharp fluctuations (e.g., Bitcoin’s 20% drop in early 2025 after a 2024 bull run). Bullish’s focus on institutional traders and its ownership of CoinDesk positions it as a hybrid player bridging traditional finance and crypto media.
Bullish caters to institutional traders, which contrasts with platforms like Coinbase or Binance that serve both retail and institutional clients. This focus may deepen the divide between sophisticated investors with access to high-liquidity platforms and retail investors facing higher barriers to entry.
Bullish’s NYSE listing and Thiel’s involvement bridge crypto and traditional finance, but its reliance on stablecoins and crypto holdings highlights a philosophical divide. Traditional investors may view crypto’s volatility (e.g., Bullish’s Q1 loss) as a red flag, while crypto advocates see it as a growth opportunity.
The use of stablecoins for IPO proceeds challenges conventional financial practices, potentially alienating conservative investors while appealing to those betting on digital assets’ future. Bullish’s recent loss underscores a divide between crypto firms’ speculative potential and their operational profitability.
While the $4.23 billion valuation reflects optimism, the $349 million loss raises questions about whether valuations are driven by fundamentals or market hype. This mirrors broader crypto market trends, where assets like Bitcoin and Ethereum often see valuations tied to sentiment rather than consistent revenue streams.
Bullish’s IPO at a $4.23 billion valuation reflects growing institutional confidence in crypto, bolstered by regulatory shifts like the GENIUS Act. However, its financial volatility and focus on institutional clients highlight divides between retail and institutional players, crypto and traditional finance, and speculative optimism versus operational challenges. The IPO’s outcome will likely influence whether these divides narrow or widen, shaping the crypto market’s trajectory in 2025 and beyond.