Peter Thiel-Backed Bullish Crypto Exchange Files for U.S. IPO at $4.23B Valuation

Bullish, a cryptocurrency exchange backed by billionaire investor Peter Thiel, has filed for an initial public offering in the United States. The company aims to list on the New York Stock Exchange under the ticker BLSH, targeting a valuation of up to $4.2 billion.

The preliminary prospectus outlines plans to offer 20.3 million ordinary shares priced between $28.00 and $31.00 per share, potentially raising up to $629 million. This would mark one of the largest public market debuts by a crypto firm in 2025.

BlackRock and ARK Investment Management have expressed non-binding interest in purchasing up to $200 million worth of shares. While their involvement signals institutional confidence, the final allocation remains subject to underwriter discretion.

Incorporated as a foreign private issuer, Bullish benefits from reduced disclosure requirements under U.S. law. The offering's structure maintains straightforward governance with one vote per ordinary share.