Bullish Charges Toward Public Markets as Crypto IPOs Heat Up
NEW YORK - In a watershed moment for digital assets, cryptocurrency exchange Bullish bankrolled by billionaire Peter Thiel and steered by New York Stock Exchange veteran Tom Farley filed for an initial public offering Friday to list on the NYSE under the ticker “BLSH”. The move lands just hours after President Donald Trump signed the landmark GENIUS Act into law, accelerating crypto’s collision with Wall Street.
The Cayman Islands-based firm, which acquired media powerhouse CoinDesk in 2023, reported a net loss of $349 million for Q1 2025 a sharp reversal from its $105 million profit a year earlier. Yet its filing shows: $1.25 trillion in lifetime trading volume and $2.5 billion in average daily volume this past quarter, ranking it among the world’s top five exchanges for Bitcoin and Ether spot trading.
“We believe the digital assets industry is entering its next phase of growth,” CEO Farley declared in his investor letter, emphasizing “transparency and compliance” as pillars of the IPO push.
The Power Players Driving the Deal
- Wall Street Meets Crypto: Farley’s NYSE pedigree lends institutional heft, while Thiel’s Founders Fund and Thiel Capital anchor a investor roster including Galaxy Digital’s Mike Novogratz and Japanese finance giant Nomura.
- Regulatory Tailwinds: The GENIUS Act establishing federal stablecoin safeguards signed hours before Bullish’s filing, marks a policy victory for Thiel and tech allies Elon Musk and David Sacks, who heavily funded Trump’s reelection.
- Underwriters: Banking heavyweights JPMorgan, Citigroup, and Jefferies lead the offering, targeting a $100 million raise.
Riding the 2025 Crypto IPO Wave
Bullish joins a stampede of digital asset firms racing onto public markets:
- Circle (June 2025): Soared 167% post-IPO after $1.1 billion raise 16.
- Gemini & Grayscale: Confidential IPO filings submitted in June 34.
- Galaxy Digital: Jumped from Toronto to Nasdaq listing in May 16.
The frenzy aligns with Bitcoin’s 2025 rally—surging from $94,000 to $117,000—as institutional capital floods in 1.
Ghosts of IPOs Past
This isn’t Bullish’s first run at going public. A 2021 SPAC merger collapsed amid regulatory crackdowns and rate hikes, underscoring how dramatically the landscape has shifted.
“The GENIUS Act is a new regulatory era,” declared Ondo Finance CSO Ian De Bode. Bitpanda’s Lukas Enzersdorfer-Konrad added it’s already boosting altcoin confidence.
The Road Ahead
With Trump-era policies energizing crypto and rivals like Binance and Coinbase in its sights, Bullish bets its Wall Street DNA and Thiel’s influence can conquer recent losses.
As industry veteran Tae Oh of Gluwa noted, the new stablecoin rules are “crucial for safe innovation.” For Bullish, timing the IPO to this political and market tide may prove its masterstroke.