Crypto exchange Bullish, backed by billionaire investor Peter Thiel, filed for an initial public offering (IPO) in the United States on Monday.
According to its preliminary prospectus, the company plans to offer 20.3 million ordinary shares at a proposed price range of $28.00 to $31.00 per share. Based on that pricing, the offering could raise between $568 million and $629 million.
Bullish has applied to list its shares on the New York Stock Exchange (NYSE) under the ticker BLSH. If approved, it would mark one of the largest public market entries by a crypto firm in 2025.
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.
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.
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