Peter Thiel’s Bullish Exchange Files to Go Public: Report

Crypto trading platform Bullish, backed by billionaire Peter Thiel, has officially started the process to go public in the U.S. The company hopes to be valued at up to $4.23 billion, according to a new filing revealed on August 4, 2025.

This shows Bullish is making a fresh move to join the stock market, as more investors are becoming interested in digital assets. This is especially now that America is beginning to set clearer rules for the crypto industry.

Bullish Tries Again to Go Public Amid Growing U.S. Support for Crypto

As reported by Reuters, Bullish is kicking off its Initial Public Offering (IPO) event, hoping to raise as much as $629.3 million by offering 20.3 million shares priced between $28 and $31 each. If successful, this would mark the company’s second attempt to go public in just four years. 

Back in 2021, the exchange tried to go public through a $9 billion SPAC deal, but it was canceled in 2022 due to regulatory challenges. This time, the company feels more confident.

This is because the U.S. government is now showing more support for crypto, especially under the President Donald Trump administration. Crypto companies’ confidence and interests are getting stronger, thanks to new crypto clear rules like the GENIUS Act.

The newly signed law establishes clear rules for stablecoins and crypto businesses in the U.S., making it easier for them to grow.

A Stablecoin Strategy in the Spotlight

Bullish has a new plan for its IPO earnings. It wants to turn a large part of it into stablecoins, which are digital tokens tied to the U.S. dollar. To do this, Bullish will work with one or more crypto companies that create these tokens. This will give Bullish a stable, blockchain-based reserve.

Many crypto firms are now mixing old finance with new digital tools. Bullish’s idea is similar to what Circle Internet did when it went public this year. In June, it had a strong stock market debut on the New York Stock Exchange and is now trading at over 400% more than its IPO price.

Bullish said it plans to list its shares on the stock market under the symbol “BLSH.” Top financial institutions like J.P. Morgan, Jefferies, and Citigroup set to manage the offerings 

Bullish Builds Global Footprint With High-Profile Leadership

Bullish is not new to the crypto world. It runs a trading platform that is made for big investors, like banks and hedge funds. The platform is fully licensed in the U.S., Germany, Hong Kong, and Gibraltar. The company is led by Thomas Farley. He was once the president of the New York Stock Exchange. 

Farley brings strong experience from traditional finance into the world of crypto. Bullish also owns the popular crypto media outlet CoinDesk, which it acquired in 2023 from Digital Currency Group, owned by Barry Silbert.