Peter Thiel-Backed Bullish Charges Toward NYSE with $629M Public Offering Roadshow

Wall Street's crypto-curious just got a new shiny object to chase.

Bullish—the digital asset exchange backed by PayPal co-founder Peter Thiel—kicked off its roadshow today, gunning for a $629 million public debut on the New York Stock Exchange. Because nothing says 'mainstream adoption' like begging traditional investors for capital.

The crypto exchange, which has lurked in the institutional trading shadows since 2021, is now playing the IPO game by Wall Street's rules. Thiel's involvement suggests this isn't some DeFi fly-by-night operation—but don't expect the usual crypto anarchists to cheer about SEC filings and compliance docs.

With the roadshow underway, Bullish joins the parade of crypto firms trying to have it both ways: decentralized ideals with centralized liquidity. The real test? Whether institutional money bites—or waits for the post-listing dip.

TLDR

• Bullish Eyes $4.23B Valuation with NYSE IPO Backed by Peter Thiel
• Crypto Exchange Bullish Launches $629M IPO with Top Wall Street Backers
• Bullish Targets NYSE Listing, $4.23B Valuation in Bold IPO Move
• Backed by Thiel, Bullish Kicks Off $629M IPO Amid Crypto Momentum
• Bullish Plans NYSE Debut, Raising Funds for Growth and Stablecoin Push

Bullish, a digital asset platform backed by billionaire Peter Thiel, has launched its roadshow for a $629 million IPO. The company plans to offer 20.3 million ordinary shares at a price range between $28 and $31. Bullish intends to list its shares on the New York Stock Exchange under the ticker symbol “BLSH”.

Peter Thiel-backed crypto exchange Bullish has filed for a U.S. IPO, aiming to raise up to $629 million at a valuation of $4.23 billion. Bullish plans to convert part of the proceeds into USD stablecoins. Bullish relaunched its listing plan amid favorable policies like the GENIUS…

— Wu Blockchain (@WuBlockchain) August 4, 2025

The offering includes a 30-day option for underwriters to purchase an additional 3.045 million shares. J.P. Morgan, Jefferies and Citigroup are leading the underwriting syndicate. Bullish expects to raise capital to fund corporate operations and potential acquisitions.

Public Offering Targets $4.23 Billion Valuation

Bullish aims to secure a valuation of up to $4.23 billion through this offering, marking its second public listing attempt. In 2021, it pursued a $9 billion SPAC deal but canceled it in 2022 due to regulatory delays. This IPO strategy reflects a more conservative valuation amid evolving digital asset regulations.

Market conditions will determine the final pricing and timing of the offering. Bullish filed a registration statement with the SEC, but it is not yet effective. The offering will proceed only after regulatory approval is granted.

Bullish will use a portion of the proceeds to acquire U.S.-dollar stablecoins, supporting its liquidity framework. The platform plans to collaborate with stablecoin issuers to execute the move. This MOVE aligns with Bullish’s intent to support regulated digital finance initiatives.

NYSE Listing Follows Renewed Regulatory Momentum

Bullish’s IPO comes as U.S. policy shifts encourage digital asset innovation, including the recent passage of the GENIUS Act. The act introduces an initial framework for stablecoins, signaling increased federal alignment with crypto-market structure. Bullish aims to capitalize on this momentum through a compliant and structured public offering.

The company’s registration on the NYSE places it among the few exchange-based crypto firms pursuing traditional equity markets. Bullish sees this step as a critical move toward transparency and long-term scalability. Market observers will assess the platform’s operational efficiency and profitability metrics.

The platform’s leadership emphasizes performance over market timing, positioning the firm as a pure exchange operation. Bullish generates revenue through exchange infrastructure. This focus may reduce exposure to price volatility in underlying digital assets.

Roadshow Led by Major Underwriters

Bullish selected J.P. Morgan, Jefferies and Citigroup as lead book-running managers for the IPO. Additional bookrunners include Cantor, Deutsche Bank Securities and Societe Generale, while firms like Oppenheimer and Canaccord act as co-managers. These firms are distributing preliminary prospectuses through their institutional channels.

The offering will be conducted solely through an official prospectus, now accessible through the SEC’s EDGAR database. All share sales will comply with local securities laws and federal regulations. Until the registration is effective, shares cannot be sold or offered.