Bullish IPO raises $1.1B in oversubscribed debut at $5.4B valuation as Peter Thiel-backed exchange rides crypto market boom
Bullish IPO has shaken up Wall Street after raising $1.1 billion in one of the year's most oversubscribed listings. Backed by billionaire investor Peter Thiel, the crypto exchange priced shares at $37, above expectations, giving it a market value of about $5.4 billion.
Reuters Bullish IPO began trading today with a $5.4 billion valuation after raising $1.1 billion in an oversubscribed debut, marking a powerful market entry for the Peter Thiel-backed crypto exchange amid a booming digital asset rally. Peter Thiel-backed Bullish pulls off $1.1B IPO as crypto confidence surges: When Bullish rang the opening bell at the New York Stock Exchange, it wasn't just another debut—it was a statement about where crypto is heading under the current market and political climate. The cryptocurrency exchange, which also owns CoinDesk, priced its initial public offering at $37 a share, well above the already-raised guidance range of $32 to $33, and sold 30 million shares. That haul brought in roughly $1.1 billion and gave Bullish a market valuation of about $5.4 billion, according to SEC filings. This wasn't just a well-timed offering—it was one of the most oversubscribed IPOs in recent years. Bloomberg, citing sources close to the deal, reported that demand topped the share allocation by more than 20-to-1, prompting Bullish to boost both the number of shares and the price range in the days leading up to the listing.
Bullish's debut is riding a wave of optimism in digital assets. Bitcoin is hovering near an all-time high of $120,000, and the Trump administration's recently signed legislation creating a regulatory framework for stablecoins has injected rare clarity into the U.S. crypto market.
ALSO READ: This crypto stock skyrockets 182% after Peter Thiel makes surprise investment - market stunned The stablecoin law—signed last month—is being hailed as one of the most significant pieces of pro-crypto legislation in U.S. history. 'Institutional capital loves certainty, and this is the first time we've had a clear, federally sanctioned rulebook for a key part of the crypto economy,' said Michael Dunn, a fintech policy analyst at the Blockchain Association. 'Bullish is hitting the market at exactly the right time.'
Founded with institutional traders in mind, Bullish offers spot trading, margin trading, and crypto derivatives, but deliberately limits its focus to the largest and most liquid assets—Bitcoin and Ethereum. The strategy contrasts with retail-heavy exchanges like Coinbase that cater to a broader range of altcoins. 'By focusing on deep liquidity for a narrow set of assets, Bullish is avoiding the speculative excesses that often get retail-focused exchanges into trouble,' said Aaron Klein, a former derivatives trader now advising digital-asset funds. The company's institutional tilt is underscored by its shareholder list: Peter Thiel's Founders Fund, Galaxy Digital, BlackRock, and ARK Invest are among the names either already invested or expressing interest in significant secondary purchases. ARK, led by Cathie Wood, has indicated it may acquire up to $200 million worth of shares at the IPO price. While Bullish posted a net loss in the first quarter of 2025, management expects to swing to profitability in Q2 with projected net income between $106 million and $109 million. Trading volumes tell the story—$250 billion in 2024, compared with just $72.7 billion in 2022, a growth trajectory that suggests its institutional bet is paying off. The company also disclosed crypto holdings worth about $2 billion, the majority in Bitcoin, with smaller allocations to Ethereum and stablecoins. Those reserves aren't just balance sheet filler—they're part of the firm's liquidity strategy, giving it the ability to settle trades quickly and withstand market shocks. Bullish's success echoes the reception for Circle Internet's IPO in June, which was also upsized on strong demand. Circle's shares have since climbed more than 400%, a reminder that when the market senses stability in crypto policy and price momentum, investor appetite can turn ferocious. It's worth noting that Bullish had a false start in 2021 when it tried to go public via a SPAC merger. That deal was abandoned in 2022 amid collapsing crypto prices and heightened regulatory hostility. The contrast between then and now illustrates how quickly market sentiment can pivot when macro conditions and regulatory frameworks align. Bullish trades under the ticker BLSH on the NYSE, with JPMorgan, Jefferies, and Citigroup leading the underwriting. Early interest from retail traders has been notable—Stocktwits data shows a 177% jump in message volume over the past week—suggesting this won't be a purely institutional play once the dust settles. The question now is whether Bullish can maintain momentum in a notoriously fickle sector. Institutional orientation and regulatory tailwinds are strengths, but crypto markets are still highly sensitive to macro shifts, security incidents, and liquidity crunches. Traders will be watching Q3 volumes and any expansion of its product suite closely. Q1. What is the Bullish IPO price and valuation? The Bullish IPO priced at $37 per share, valuing the company at about $5.4 billion.
Q2. Who backs Bullish in its IPO? Bullish is backed by Peter Thiel's Founders Fund, BlackRock, Galaxy Digital, and ARK Invest.
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