Key Notes
- The digital asset platform targets institutional clients and secured $200M in commitments from BlackRock and ARK Investment.
- Bullish’s public debut follows Trump’s GENIUS Act passage, creating federal stablecoin frameworks that encourage crypto IPO activity.
- This represents a 52% discount from their abandoned 2022 SPAC attempt, reflecting more realistic market pricing today.
Bullish, a digital asset exchange backed by Peter Thiel, has officially increased its initial public offering size, aiming for a $4.82 billion valuation, up from $4.2 billion last week, on the New York Stock Exchange under the ticker “BLSH.” The company updated SEC filings on Monday, indicating it will raise up to $990 million by selling 30 million shares at $32 to $33 each. This move comes amid revived investor interest and regulatory optimism in the US crypto sector, thanks to the new crypto-friendly politics of Donald Trump.
Bullish’s public listing represents one of the most recent public launches for a crypto trading platform since Circle’s $1.1 billion IPO in June. Tom Farley, former NYSE president, leads the firm, which caters primarily to institutional clients. Major institutions, including BlackRock and ARK Investment, have reportedly committed to buying $200 million in IPO shares. The deal’s scale and market interest highlight digital assets’ increasing acceptance among mainstream financial players.
A Second Attempt With a Better Regulatory Environment
The IPO follows the Trump administration’s passage of the GENIUS Act on July 18, which established an initial federal framework for stablecoins. Crypto-focused firms have rushed to take advantage of clear regulatory changes, with multiple exchanges, custody firms, and fintechs filing for public offerings in recent weeks. Bullish’s filings indicate plans to convert a substantial part of the proceeds into US dollar-pegged stablecoins, further linking its capital strategy to the emerging digital dollar sector. Underwriters include J.P. Morgan, Jefferies, and Citigroup.
Bullish now enters public markets after a previous $9 billion SPAC attempt was abandoned in 2022 due to regulatory barriers. The current valuation is a 52% discount from the original plan, reflecting more realistic pricing and the maturation of the crypto IPO market during a period of high Bitcoin
BTC
$120 323
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and stablecoin valuations.
The New Trend: Crypto US Companies Are Going Public
The public launch of Bullish is a sign that the US is entering a new phase in crypto regulation and market development, with stablecoin issuers and trading platforms gaining legitimacy under law. Issuers such as Circle have seen share prices surge 136% above IPO levels, according to Yahoo Finance. The surge in institutional commitment and regulatory certainty is expected to catalyze further listing activity and potentially attract more conservative capital into digital assets over the coming year.
Notably, the Bullish IPO’s timing, structure, and investor base could encourage other exchanges, custodians, and fintechs to go public, solidifying the industry’s integration into conventional financial markets, following the example of Coinbase.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
José Rafael Peña Gholam is a cryptocurrency journalist and editor with 9 years of experience in the industry. He wrote at top outlets like CriptoNoticias, BeInCrypto, and CoinDesk. Specializing in Bitcoin, blockchain, and Web3, he creates news, analysis, and educational content for global audiences in both Spanish and English.
