Bullish, the cryptocurrency exchange backed by Peter Thiel, took a major step toward becoming a publicly traded company by filing for an initial public offering (IPO) on Friday.
Key Takeaways:
Bullish filed for a U.S. IPO aiming to list on the NYSE under the ticker “BLSH.” The exchange reports over $2.5 billion in average daily trading volume in Q1 2025. Bullish’s IPO follows a wave of crypto companies going public amid growing institutional adoption.The firm, led by CEO Tom Farley, a former president of the New York Stock Exchange, plans to list on the New York Stock Exchange under the ticker symbol “BLSH.”
Originally a spinout of blockchain company Block.one, Bullish gained early backing from Thiel’s Founders Fund and Thiel Capital, as well as investment from Nomura, crypto veteran Mike Novogratz, and others.
Bullish Emerges as Top Crypto Exchange with $2.5 Billion Daily Volume
According to the IPO filing, Bullish has quickly established itself among the top cryptocurrency exchanges, reporting average daily trading volumes exceeding $2.5 billion in the first quarter of 2025.
The company claims it ranks in the top five for spot trading volumes of Bitcoin and Ether, competing with industry giants like Binance, Coinbase, and Kraken.
Since its launch, Bullish says total trading volume has surpassed $1.25 trillion.
The company also made headlines last year when it acquired the crypto news outlet CoinDesk.
This filing marks another significant milestone in the cryptocurrency sector’s ongoing push for mainstream acceptance and institutional adoption.
The digital asset space has seen several notable public listings in 2025. Stablecoin issuer Circle made a splash with its IPO in June, surging more than sevenfold since going public.
Online trading platform Etoro, which offers crypto trading among its services, debuted in May.
In addition, Galaxy Digital, led by Mike Novogratz, moved its listing from the Toronto Stock Exchange to Nasdaq earlier this year.
Gemini, the exchange founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June, signaling strong market confidence in crypto exchanges going public.
Meanwhile, Bitcoin continues to attract investor attention, climbing above $117,000, up from around $94,000 at the start of the year.
Adding to the evolving regulatory landscape, former President Donald Trump signed the GENIUS Act into law on Friday, introducing consumer protections for stablecoins, digital currencies pegged to assets like the U.S. dollar.
Crypto Leaders Welcome GENIUS Act
Executives from Ondo Finance, Bitpanda, and Gluwa see the recent passage of the GENIUS Act as a pivotal shift in the regulatory landscape for digital assets.
Ian De Bode, Ondo Finance’s Chief Strategy Officer, called the bill “the beginning of a new regulatory era,” stressing that legal clarity has long been the biggest hurdle for full institutional involvement.
He also noted the influential role of Patrick McHenry, who stood alongside President Trump during the bill’s signing, signaling the importance of this moment for the crypto industry.
Bitpanda’s Deputy CEO Lukas Enzersdorfer-Konrad said that regulatory progress in Washington has boosted investor confidence, fueling optimism not only in Bitcoin but also altcoins such as XRP and DOGE.
He pointed out that broad market rallies require strong confidence, which clearer rules help provide.
Tae Oh, CEO of Gluwa, emphasized the GENIUS Act’s role in establishing a federal framework for USD-pegged stablecoins.
He believes this sets the stage for responsible innovation, consumer protection, and long-term growth across payments, decentralized finance, and financial infrastructure.
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