🚀 Peter Thiel-Backed Bullish Crypto Exchange Targets NYSE IPO at $4.23B—Wall Street’s Next Crypto Gamble?

Silicon Valley meets Wall Street as Bullish—the crypto exchange heavyweight backed by Peter Thiel—files for a U.S. IPO on the NYSE. Valuation? A cool $4.23 billion. Because nothing says 'mainstream adoption' like a nine-figure regulatory filing.

### The Thiel Effect: From Bitcoin Maxi to IPO Kingmaker

Thiel’s stamp of approval turns startups into gold—or at least tradable securities. Bullish now joins the parade of crypto firms begging for SEC approval while whispering 'decentralization' under their breath.

### NYSE or Bust: Crypto’s Relentless March Toward Legitimacy

Forget 'to the moon'—Bullish is aiming for the Big Board. A $4.23B valuation puts it squarely in 'too big to ignore' territory, even for traditional finance skeptics. Watch out, Coinbase—there’s a new sheriff in town.

### The Punchline

Another day, another crypto unicorn charging at the gates of Wall Street. Will Bullish’s IPO be the triumph crypto needs—or just another exit liquidity play for VCs? Place your bets.

According to Reuters, Bullish is targeting a valuation of up to $4.2 billion through its U.S. IPO, based on the upper end of its proposed price range of $31.00 per share.

BlackRock and ARK Show Interest—But No Guarantees

The filing discloses that BlackRock and ARK Investment Management, led by Cathie Wood, have shown non-binding interest in purchasing up to $200 million worth of shares at the offering price.

While the involvement of these heavyweight investors could boost confidence, the filing makes clear that their interest is not a formal commitment, and the final allocation is subject to underwriter discretion.

Bullish is incorporated as a foreign private issuer under U.S. law, allowing it to benefit from reduced disclosure obligations. Each ordinary share will carry one vote, maintaining a straightforward governance structure.

The underwriters also hold a 30-day option to purchase up to an additional 3,045,000 shares, which could increase the total offering by as much as $94 million before underwriting costs.

The digital asset space has seen several public listings in 2025. Stablecoin issuer Circle made a splash with its IPO in June, and its shares have surged more than sevenfold since going public.

@Circle the company behind the USDC stablecoin, made a dramatic entrance on the NYSE with its shares surging as much as 160% during its trading debut. #Circle #NYSE https://t.co/EJQJ4Yy3m3

Testing Appetite for Institutional Crypto Infrastructure

Founded during the 2021 crypto bull cycle, Bullish is backed by a consortium of institutional players, including Thiel’s Founders Fund, Galaxy Digital, and others.

If successful, Bullish will join public crypto companies such as Coinbase, Marathon Digital, and Bitfarms and will serve as a barometer for investor sentiment toward token-based financial platforms in the current market cycle.