{"id":14729,"date":"2025-08-05T08:51:38","date_gmt":"2025-08-05T06:51:38","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=14729"},"modified":"2025-08-05T08:51:38","modified_gmt":"2025-08-05T06:51:38","slug":"bullish-crypto-exchange-backed-by-peter-thiel-eyes-600-million-ipo-in-the-u-s","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/05\/bullish-crypto-exchange-backed-by-peter-thiel-eyes-600-million-ipo-in-the-u-s\/","title":{"rendered":"Bullish Crypto Exchange, Backed by Peter Thiel, Eyes $600 Million IPO in the U.S."},"content":{"rendered":"

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Trusted Editorial<\/u> material, examined by prominent industry authorities and experienced editors. Advertisement Disclosure<\/a><\/div>\n<\/p><\/div>\n

Bullish, a cryptocurrency exchange supported by billionaire venture capitalist Peter Thiel, is making notable progress toward its initial public offering (IPO), aimed at a valuation of up to $4.23 billion.<\/span><\/p>\n

This initiative arises as the US undergoes a transformation in regulatory landscapes under the pro-crypto administration of President Donald Trump. The shift is reinforced by favorable policies, such as the recently enacted <\/span>GENIUS Act<\/span><\/a>, which sets the stage for the United States to become the global center for cryptocurrency.<\/span><\/p>\n

Stablecoin Conversion Approach<\/span><\/h2>\n

In its recent submission, Bullish disclosed intentions to gather around $629.3 million by offering 20.3 million shares priced between $28 and $31 each. This constitutes the company\u2019s second endeavor to go public in four years, following an earlier blank-check merger attempt in 2021 that was ultimately abandoned due to regulatory hurdles.<\/span><\/p>\n

As per a recent Reuters <\/span>report<\/span><\/a>, at the highest end of its proposed price range, the cryptocurrency exchange\u2019s valuation would indicate a more than 52% reduction from its earlier $9 billion objective.<\/span><\/p>\n

Matt Kennedy, a senior strategist at Renaissance Capital, remarked that during the IPO marketing phase, bankers generally prefer to establish conservative valuations at the outset, facilitating possible upward adjustments rather than risking overshooting and needing to lower prices.<\/span><\/p>\n

In its documentation, Bullish further expressed intentions to convert a substantial portion of the IPO funds into US-dollar-linked stablecoins, partnering with one or more dollar-pegged cryptocurrency issuers to assist in this transition.<\/span><\/p>\n

This strategy aligns with the rising momentum of digital assets, particularly after Circle Internet\u2019s <\/span>debut<\/span><\/a> on the New York Stock Exchange (NYSE), where it is now trading at more than 400% of its original IPO price at $164.<\/span><\/p>\n

Crypto Exchange Reports $349 Million Loss Amid IPO Aspirations<\/span><\/h2>\n

Bullish is established as a cryptocurrency trading platform primarily targeting institutional investors. The firm is directed by Thomas Farley, who previously served as president of the New York Stock Exchange.<\/span><\/p>\n

In addition to its exchange functions, Bullish also owns CoinDesk, a cryptocurrency news platform that it acquired from Barry Silbert\u2019s <\/span>Digital Currency Group<\/span><\/a> (DCG) back in 2023.<\/span><\/p>\n

Notwithstanding its ambitious plans, Bullish reported a $349 million loss for the quarter ending March 31, a stark contrast to the $105 million profit recorded the previous year.<\/span><\/p>\n

According to the report, the company plans to list on the NYSE under the ticker symbol \u201cBLSH,\u201d with JPMorgan, Jefferies, and Citigroup serving as<\/span> lead underwriters<\/span><\/a> for the initial public offering.<\/span><\/p>\n

This announcement follows a sequence of actions in the cryptocurrency sector, including Mike Novogratz\u2019s Galaxy Digital, which began trading on Nasdaq after moving from the Toronto Stock Exchange, and Gemini, which recently filed confidentially for a US IPO.<\/span><\/p>\n

\"Crypto\"
The daily chart shows BTC\u2019s price recovery on Monday. Source: BTCUSDT On TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from DALL-E, chart from TradingView.com <\/span><\/p>\n

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Editorial Process<\/strong> for bitcoinist is concentrated on providing meticulously researched, accurate, and impartial content. We maintain rigorous sourcing standards, and each page is subjected to meticulous examination by our team of leading technology experts and experienced editors. This process guarantees the reliability, relevance, and value of our content for our audience.<\/p>\n<\/p><\/div>\n<\/div>\n


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“`html Trusted Editorial material, examined by prominent industry authorities and experienced editors. Advertisement Disclosure Bullish, a cryptocurrency exchange supported by billionaire venture capitalist Peter Thiel, is making notable progress toward its initial public offering (IPO), aimed at a valuation of up to $4.23 billion. This initiative arises as the US undergoes a transformation in regulatory<\/p>\n","protected":false},"author":3,"featured_media":14730,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[3211],"class_list":["post-14729","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-gptreturn-a-list-of-comma-separated-tags-from-this-title-peter-thiel-backed-bullish-crypto-exchange-plans-600-million-ipo-in-the-us-gpt"],"yoast_head":"\nBullish Crypto Exchange, Backed by Peter Thiel, Eyes $600 Million IPO in the U.S. - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/05\/bullish-crypto-exchange-backed-by-peter-thiel-eyes-600-million-ipo-in-the-u-s\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bullish Crypto Exchange, Backed by Peter Thiel, Eyes $600 Million IPO in the U.S. - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"“`html Trusted Editorial material, examined by prominent industry authorities and experienced editors. 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