Peter Thiel-Backed Crypto Exchange Files for IPO

Cryptocurrency exchange Bullish, backed by billionaire investor Peter Thiel, has officially filed for an initial public offering (IPO), marking a major step toward entering the public markets.

The company, led by former New York Stock Exchange president Tom Farley, plans to list on the NYSE under the ticker symbol BLSH, according to Friday’s filing. This move positions Bullish among a growing number of digital asset firms seeking to go public amid increasing mainstream acceptance of cryptocurrencies.

Founded as a spinout of Block.one, Bullish launched with financial backing from Thiel’s Founders Fund, Thiel Capital, Nomura, Mike Novogratz, and other institutional investors. In a major media move, the company acquired crypto news outlet CoinDesk in 2023 to expand its footprint in the digital asset ecosystem.

Bullish has quickly gained traction in the market. The firm reported an average daily trading volume of over $2.5 billion in Q1 2025, placing it among the top five global exchanges for Bitcoin and Ethereum spot volume. Since its inception, Bullish has processed more than $1.25 trillion in total trading volume.

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The exchange faces stiff competition from established giants like Binance, Coinbase, and Kraken, all listed in the IPO prospectus as primary rivals.

The IPO is expected to draw significant attention as investors look for exposure to regulated and institutionally-backed crypto platforms. Bullish’s move could also be seen as a barometer for broader investor appetite in the digital asset sector following a wave of regulatory reforms and increased institutional adoption in 2025.

Source

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.