Peter Thiel-Backed Cryptocurrency Exchange Bullish Files for IPO on NYSE
July 18, 2025 — In a major development for the digital asset industry, Bullish, a cryptocurrency exchange backed by investor Peter Thiel, has filed for an initial public offering (IPO) to be listed on the New York Stock Exchange (NYSE) under the ticker symbol "BLSH."
Bullish’s move to go public marks another milestone in the growing acceptance of cryptocurrency firms in traditional financial markets. The company, led by CEO Tom Farley — a seasoned finance professional and former president of the NYSE — announced the IPO filing on Friday. Bullish is a spinout of Block.one and counts major backers such as Thiel’s Founders Fund, Thiel Capital, Nomura, and Mike Novogratz among its early investors.
According to the IPO prospectus, Bullish has demonstrated significant trading activity since its launch. As of March 31, 2025, the platform has recorded a total trading volume exceeding $1.25 trillion. The exchange executed over $2.5 billion in average daily volume during the first quarter of 2025 alone, placing it among the top five exchanges globally for spot trading volume of Bitcoin and Ether. Key industry competitors noted in the filing include Binance, Coinbase, and Kraken.
Bullish’s strategic expansion includes its acquisition of the cryptocurrency news outlet CoinDesk in 2023, enhancing its position within the crypto ecosystem. The company’s mission emphasizes driving the adoption of stablecoins, digital assets, and blockchain technology, signaling its commitment to innovation in the space.
This IPO filing comes amid a robust year for crypto-related public offerings. Stablecoin issuer Circle has notably surged after its blockbuster IPO in June, increasing more than sevenfold. Other significant market entries include eToro, which launched on public markets in May, and Galaxy Digital, founded by Mike Novogratz, which moved its listing from the Toronto Stock Exchange to Nasdaq in May. Additionally, Gemini, the exchange founded by the Winklevoss twins, confidentially filed for an IPO in the U.S. in June.
The rising trajectory of digital currencies is reflected in Bitcoin’s market price, which has risen to over $117,000 in 2025 from approximately $94,000 at the beginning of the year. Legislative developments are also advancing the crypto sector’s legitimacy. President Donald Trump recently signed the GENIUS Act into law, introducing consumer protections for stablecoins—cryptocurrencies pegged to assets like the U.S. dollar aimed at mitigating price volatility.
Leading figures in the crypto industry, including Peter Thiel, Elon Musk, and David Sacks—President Trump’s designated AI and crypto advisor—have actively supported regulatory efforts and political campaigns lining up for election, underscoring the political appetite to formalize and expand the digital asset market.
With Bullish’s IPO, investors may gain a new public investment vehicle that combines a powerful backer base, growing market share, and strategic acquisitions, all aligned with the broader trend toward mainstream acceptance of cryptocurrencies.
For additional information and to watch the live developments on Bullish’s IPO journey, stay tuned to major financial news platforms.
This article was originally reported by CNBC’s Lora Kolodny and updated on July 18, 2025.