In a significant development within the cryptocurrency sector, Bullish, a prominent crypto exchange backed by investor Peter Thiel, has announced plans to go public in the United States. The company is targeting a valuation of up to $4.23 billion through its initial public offering . According to a recent filing, Bullish intends to raise as much as $629.3 million by offering 20.3 million shares, priced between $28 and $31 each. This move marks Bullish's second attempt at an IPO in four years, following a previously abandoned 2021 merger that valued the company at $9 billion.
The IPO is set to be listed on the New York Stock Exchange under the ticker symbol "BLSH," with J.P. Morgan, Jefferies, and Citigroup serving as lead underwriters. The proceeds from the offering are expected to be converted into U.S.-dollar denominated stablecoins via selected issuers. This strategic move comes amid renewed investor optimism surrounding digital assets, spurred in part by regulatory clarity under the current administration and the passage of the GENIUS Act.
Bullish operates as a regulated institutional crypto-trading platform in markets including the U.S., Germany, Hong Kong, and Gibraltar. In 2023, the company expanded its portfolio by acquiring the crypto news site CoinDesk. The decision to go public reflects the growing integration of cryptocurrency into mainstream financial markets and the increasing acceptance of digital assets among institutional investors.
The announcement of Bullish's IPO coincides with significant regulatory developments in the United States. On July 31, 2025, U.S. Securities and Exchange Commission Chair Paul Atkins unveiled a comprehensive overhaul of capital markets regulations aimed at better accommodating cryptocurrencies and blockchain-based trading. This initiative includes crafting clear guidelines to determine when a crypto token is classified as a security, along with new disclosure requirements and regulatory exemptions. Atkins emphasized the importance of this "generational opportunity" to integrate digital assets more deeply into the financial system.
Additionally, the Trump administration has been actively advocating for the widespread integration of cryptocurrency across the U.S. economy. A 160-page report released on July 30, 2025, outlines policy recommendations aimed at accelerating crypto adoption in areas such as taxation, banking, retirement, mortgages, and cybersecurity. The report calls on all regulatory agencies, including the SEC, CFTC, IRS, and Treasury, to act swiftly, removing compliance barriers and providing the regulatory clarity needed to foster innovation.
These developments underscore a pivotal moment for the cryptocurrency industry in the United States. The combination of Bullish's IPO plans and the administration's proactive regulatory stance signals a concerted effort to position the U.S. as a global leader in digital asset innovation. As the market continues to evolve, stakeholders are closely monitoring these initiatives to gauge their impact on the future of cryptocurrency in the financial landscape.
