Bullish Targets $4.2B IPO Amid Crypto Policy Shifts

Peter Thiel-backed Bullish, an institutional crypto exchange, is aiming for a valuation of up to $4.23 billion in its U.S. initial public offering. The company filed regulatory paperwork on Aug. 4, proposing to sell 20.3 million shares priced between $28 and $31, potentially raising $629.3 million. This marks a significant discount from the $9 billion valuation it sought during a failed 2021 SPAC merger, which collapsed due to regulatory uncertainty.

The IPO attempt coincides with a more favorable policy environment under the TRUMP administration, including the recent passage of the GENIUS Act. The legislation provides the first federal framework for stablecoins and has reignited investor interest in crypto-related equities. Bullish, led by former NYSE president Thomas Farley, plans to convert a substantial portion of IPO proceeds into dollar-backed stablecoins—a move reflecting the industry's growing preference for regulated digital dollar reserves.

Despite reporting a $349 million loss in Q1 2025 due to mark-to-market declines in crypto holdings, analysts expect investors to focus on Core exchange profitability and operational efficiency. The offering represents a litmus test for institutional crypto adoption amid evolving regulations.