Bullish, a crypto platform that counts billionaire tech investor Peter Thiel as an investor, is seeking to raise up to $629 million with an initial public offering, according to a Monday filing with the U.S. Securities and Exchange Commission.
The company aims to sell 20.3 million shares at a price between $28.00 and $31.00, according to a preliminary prospectus, which would value Bullish at $4.2 billion.
In June, Bullish confidentially filed for an initial public offering. A confidential IPO process typically allows companies to advance their listing preparations without disclosing financial details until they move closer to going public.
The move to take Bullish public — JPMorgan and Jeffries are lead underwriters — comes amid a bullish cycle for digital assets and on the heels of crypto firm, and USDC stablecoin issuer, Circle Internet Group’s successful IPO. At one point, Circle’s shares had risen over 500% just weeks after going public.
Crypto asset manager Grayscale Investments has also confidentially submitted a draft registration statement for an IPO. Digital assets exchange Kraken is eyeing a 2026 IPO at a $15 billion valuation.
Bullish is branding itself as an “institutionally-focused digital asset platform focused on market infrastructure.” The company also owns the crypto news and research firm CoinDesk. The IPO prospectus spends considerable time describing the benefits of CoinDesk’s services.
“We now intend to IPO because we believe that the digital assets industry is beginning its next leg of growth,” Bullish CEO Tom Farley said in the company’s IPO prospectus. “We also believe that becoming a publicly-traded company provides our business with key benefits: additional credibility with partners, counterparties and regulators; access to capital; and an equity currency with which to make strategic acquisitions.”
Bullish was founded in 2021 after Block.one raised nearly $10 billion in funding. Backers included Thiel, Alan Howard, and Mike Novogratz, among others. Japanese banking giant Nomura also invested.
The company has over 275 employees, according to its website.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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