Bullish, the cryptocurrency exchange supported by Peter Thiel, threw his hat into the ring with a daring plan to collect up to $ 629 million thanks to a first public offer, a decision that could enhance the business up to $ 4.2 billion.
The deposit, hosted to the SEC on Monday, reports a strategic pivot for the bruise, which bets on a resurgent cryptography market and a more hospital regulatory landscape under the Trump administration to finally carry out its ambitions of the public market.
Details of the IPO: a second chance to become public
Bullish offers 20.3 million ordinary shares to a price range of $ 28 to $ 31 each, targeting an evaluation between $ 3.8 billion and $ 4.2 billion. The company plans to list on the New York Stock Exchange under the Ticker “BLSH”, with heavy subscribers – Jpmorgan Chase, Jefferies and Citigroup – The credibility of the offer. This is not the first rudeo of the bullish; In 2021, he aimed to become public via a spac merger with Far Peak, an agreement that enabled its valuation to a high level of $ 9 billion. This plan collapsed in 2022 in the middle of a winter of brutal cryptography, derailed by falling assessments and by declining the appetite of investors.
Three years later, the bull’s bullure is back with a more founded assessment and a traditional IPO approach. CEO Tom Farley, a former president of the NYSE, attributes the calendar to “regulatory relaxation and favorable feeling” under the current administration, in parallel with the conviction that the digital asset industry is ready for its “next growth stage”. The deposit positions Haussier as a compliance player first, a position that could resonate with suspicious investors of the wild-west reputation in the cryptography sector.
A unique player in the cryptography ecosystem
The bullish is not only another exchange. Beyond its trading platform, it has Coindesk, a main crypto media, which gives it a rare vertical integration which mixes market infrastructure with the dissemination of information. Farley emphasizes transparency and conformity as fundamental principles, aimed at filling the gap between the unruly border of the crypto and the disciplined world of traditional finance. “The compliant market infrastructure model and focused on the institution is experienced in time and operates,” he wrote in the file, signaling Bullish’s intention to the short institutional actors at a time of pivot adoption.
The company has ambitious plans for the product of the IPO: Improve information servicesExpand its global footprint and deploy new products such as trading options. The Bullish Stock Exchange has already shown momentum, doubling its trading volumes in 2023 in 2024 and displaying an increase of 78% in the first quarter of 2025 in the previous year. However, its finances reveal the inherent volatility of the cryptography market – a double -edged sword that could shape the perceptions of investors.
Financial: a Russian mountain of equitable value swings
Bullish’s income statement can be read as a barometer of the cryptographic market. For the three months ending on March 31, 2025, the company declared a net loss of $ 348.6 million on sales of $ 80.2 million, a reversal striking compared to the benefit of $ 104.8 million out of $ 80.4 million in sales a year earlier. The culprit? “Disappointed changes in the fair value of digital assets”, an element of line which underlines the quantity of result of the bullet result on the whims of the market rather than operational stability. A separate estimate for the quarter of June 2025 projects a swing of $ 225 million in net income – once again, due in large part by the re -evaluation of assets rather than by the business performance of the company.
This volatility could give investors a break, in particular those accustomed to the predictable cash flows of traditional companies. However, the growth of Bullish’s commercial volume offers a counterpoint, suggesting that a platform is gaining ground in a competitive field. The question is whether the market will see its income focused on assets as a characteristic of cryptographic space – or a bug that is too risky for the stomach.
Property and credibility: Insiders and Titans of Wall Street
Post-OPO, Bullish’s property will remain concentrated. The co-founder Brendan Blumer, also CEO of the former parent company Block.one, will hold 30.1% of the shares, while the member of the board of directors Kokuei Yuan will control 26.7%. Block.one, who undressed in July 2024, resumed his participation at less than 50%. This heavy structure of initiates could reassure investors of aligned interests or raise concerns about concentrated control.
The involvement of Wall Street giants as JpmorganJefferies, and Citigroup Add a layer of legitimacy, indicating that the bull’s bull is not a marginal player. The inscription on the NYSE still cements its traditional aspirations, far from the exuberance fueled by SPAC of its offer in 2021.
Overview: the surge of the public crypto market
Bullish’s IPO does not exist in a vacuum. He follows the successful beginnings by Circle And Etoro Earlier this year, with Okx, Kraken and Gemini who would have watched their own lists. This wave of activity alludes to a broader trend: cryptographic companies losing their renegant roots to embrace the legitimacy and capital of public contracts. For increases, timing feels opportunistic – regulatory rear winds, institutional interest and ripe industry converges to create a window that it is eager to grasp.
However, the cryptography sector remains a bet with high issues. The $ 4.2 billion ceiling in Bullish is a considerable discount compared to its $ 9 billion peak, reflecting a market that has emerged since the last cycle. A successful beginning could position optimistic as a leader in the next phase of the evolution of the crypto, the armament with money to fuel growth and repel its rivals. A tripping could however strengthen doubts about preparing the sector for prime time.
The coming road: high risk, high reward
While the bullish prepares to ring the Nyse Bell, he launches as the disciplined adult in the unruly class of Crypto. The vision of Farley – a compliant compliant platform – is strongly on the execution and calendar on the market. Investors will weigh its commercial dynamics and its synergy of Coindesk against the red flags of volatility and the profits focused on assets. In a sector where fortunes light a penny, Haussier bets that transparency and varnish at Wall Street can win the day.
The stakes could not be higher. A successful IPO could announce a new era of legitimacy of cryptography, while a flop could echo the spac Mistes of 2022. For the moment, Bullish invites the public to join his conduct – a bet on a future where digital assets and traditional finances finally find an agreement.
