The USA Leaders
August 05, 2025
New York – In an increasingly volatile crypto market, Bullish, a crypto exchange backed by tech billionaire Peter Thiel, is attempting a high-stakes U.S. IPO. With a target valuation of $4.23 billion, the company is eyeing a listing on the New York Stock Exchange under the ticker “BLSH.” For investors seeking opportunities in the digital assets space, Bullish’s public offering might be too good to ignore. But is it worth the risk? Here’s everything you need to know about the Bullish IPO and why it’s creating waves in the market.
Bullish IPO Overview
Bullish has officially filed its F-1 registration with the SEC, marking its second attempt to go public after a previous blank-check merger fell apart in 2022. This IPO is timely, coinciding with increasing interest in digital assets and favorable regulatory moves such as the GENIUS Act. The company plans to offer 20.3 million shares, priced between $28 and $31 each, in hopes of raising up to $629.3 million.
The firm’s roadshow is expected to generate buzz, with institutional interest from major players like BlackRock and ARK Investment Management already signaling strong demand. Bullish is aiming to capitalize on the recent surge in institutional interest and positive market momentum driven by regulations that provide clarity for digital asset companies.
Valuation and Financials: Is It a Discount or a Gamble?
Bullish’s valuation target of $4.23 billion seems impressive, but it’s a far cry from its earlier goal of $9 billion set during its 2021 merger talks. Despite a significant loss of $349 million in Q1 2025, a shift from last year’s $105 million profit, the company still posted $167 million in revenue for the year leading up to March 31, 2025. The company’s willingness to pivot and refocus on its role as an exchange, rather than being overly reliant on crypto price fluctuations, could appeal to investors wary of market volatility.
However, with such a steep discount on its initial target, one must ask: Is Bullish a discounted gem, or is the loss a reflection of deeper, unresolved issues?
The Stablecoin Strategy: A Bold Move or a Risky Gamble?
Bullish’s plan to convert IPO proceeds into U.S.-dollar-backed stablecoins is a significant part of its business model. This strategy is designed to buffer the company against the inherent volatility of crypto markets, providing liquidity stability through assets like U.S. Treasuries.
But what does this mean for investors? The conversion into stablecoins could enhance liquidity and offer a cushion against crypto market downturns. Moreover, with regulatory changes such as the GENIUS Act providing a clearer framework for stablecoins, Bullish is positioning itself as a compliance-first platform, a move that could enhance trust and reliability among both institutional and retail investors.
By aligning itself with stablecoin regulations, Bullish is setting itself up as a long-term player in the crypto space. Yet, some investors might see this strategy as a hedge against a larger, more volatile market — one that might not be as predictable as Bullish hopes.
Five Unique Points That Make Bullish a Reliable Investment
1. Robust Security Measures
Security is paramount for Bullish, especially given the high stakes involved in crypto trading. The platform employs multi-layered authentication and segregated storage for customer assets. Furthermore, it works with security researchers globally to ensure that no stone is left unturned when it comes to safeguarding user funds.
2. Comprehensive Compliance Framework
Bullish is committed to compliance, holding licenses from multiple regulatory bodies across the world, including the Hong Kong Securities and Futures Commission and the German Federal Financial Supervision Authority. These regulations ensure that the platform operates with integrity, reducing risks for institutional investors looking for a reliable, transparent exchange.
3. Innovative Technology
With its proprietary Automated Market Making (AMM) technology and blockchain-driven smart contracts, Bullish is offering a new level of efficiency and reliability in crypto transactions. This tech ensures that trades are executed with minimal delays and optimal liquidity — a significant advantage for institutional traders.
4. Experienced Leadership Team
At the helm of Bullish is an experienced team, including former NYSE President Tom Farley. This leadership provides the kind of credibility and trust that digital asset exchanges often struggle to establish. With backgrounds spanning finance, technology, and compliance, Bullish’s leadership team has the experience needed to navigate the complex and evolving crypto landscape.
5. Strategic Partnerships
Bullish has formed key partnerships with institutions like B2C2 and Google Cloud to boost its liquidity and technical capabilities. These collaborations provide the platform with the infrastructure to scale quickly while ensuring that it can meet the needs of institutional investors.
Will Bullish IPO be Really Bullish?
As the company gears up for its listing, investors are weighing the risks and rewards of diving into a market that has seen explosive growth and unpredictable setbacks. The stablecoin strategy offers some assurance, but only time will tell whether the market will respond positively to Bullish’s second attempt at going public.
For those considering jumping in, the Bullish IPO represents an intriguing blend of innovative tech, institutional focus, and a regulatory-first approach. Whether it’s the right investment depends largely on your appetite for risk — but with the right balance of security, leadership, and compliance, Bullish might just be the crypto exchange to watch in 2025.
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