Peter Thiel-backed cryptocurrency exchange Bullish files to go public on NYSE
The company said it plans to trade on the New York Stock Exchange using the ticker symbol "BLSH."
A spinout of Block.one, Bullish started with an initial investment from backers including Thiel's Founders Fund and Thiel Capital, along with Nomura, Mike Novogratz and others.
"In the first quarter of 2025, Bullish exchange executed over $2.5 billion in average daily volume, ranking in the top five exchanges by spot volume for Bitcoin and Ether," the company said on its website.
The IPO filing says that as of March 31, the total trading volume since launch has exceeded $1.25 trillion.
The filing is another significant step for the cryptocurrency industry, which has fought for years to convince institutions to embrace digital assets as legitimate investments.
President Donald Trump, on Friday, signed the GENIUS Act into law -- a set of regulations that establish some initial consumer protections around stablecoins, which are tied to assets like the U.S. dollar with the intent of reducing price volatility associated with many cryptocurrencies.
In its filing with the SEC, Bullish says its mission is partly to "drive the adoption of stablecoins, digital assets, and blockchain technology."
Crypto industry players, including Thiel, Elon Musk, and President Trump's AI and Crypto czar David Sacks spent heavily to re-elect Trump and have pushed for legislation that legitimizes digital assets and exchanges.
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