Fresh details have surfaced concerning the upcoming Initial Public Offering (IPO) of Bullish, the cryptocurrency exchange supported by Peter Thiel. The exchange has disclosed the quantity of common stock it intends to offer to the public. Their anticipated share price suggests a target of raising approximately $629 million, valuing the company at $4.2 billion.
Bullish IPO: Share Price and Availability
According to a filing with the Securities and Exchange Commission (SEC), Bullish plans to offer 20.3 million common shares, each with a face value of $0.02. The projected price range for these shares during the IPO is between $28 and $31. At the high end of this range, the IPO could generate gross proceeds of up to $629 million.
As previously reported by CoinGape, the crypto platform is seeking a listing on the New York Stock Exchange (NYSE). Following the launch of the Bullish IPO, the shares will be traded under the ticker symbol “BLSH.”
The recent filing also indicates that certain investment funds managed by BlackRock and subsidiaries of Ark Invest have expressed interest in acquiring up to $200 million worth of the available common stock.
It’s important to note that no binding agreement is currently in place, and the underwriters have the flexibility to adjust the number of shares sold to these potential investors. J.P. Morgan, Jefferies, and Citigroup are the primary underwriters for this Bullish IPO.
Planned Use of IPO Proceeds
The SEC filing outlines Bullish’s intentions to convert a substantial portion of the IPO’s net proceeds into stablecoins pegged to the U.S. dollar. These funds are earmarked for general business operations and working capital, including potential acquisitions down the line.
The Bullish IPO filing noted that a supportive regulatory climate, aided by legislation like the GENIUS Act, could positively impact the exchange’s activities within the U.S. Following its public listing, the company anticipates expanding its liquidity services to stablecoin and crypto issuers.
Bullish also reported its cryptocurrency holdings as of June 30, 2025. Its inventory includes stablecoins, Bitcoin, and Ethereum, totaling $231,870. Intangible assets, also consisting of stablecoins, BTC, and ETH, amount to just over $1.9 million.
Alongside Bullish, other players in the crypto industry, like exchanges Kraken and Gemini, are also exploring the possibility of going public within the United States. Companies such as Grayscale and crypto custodian BitGo have also submitted paperwork for U.S.-based IPOs.
These firms are hoping to replicate the success of stablecoin issuer Circle, which went public earlier in the year, raising $1.05 billion. Circle’s stock, CRCL, saw its value increase by roughly 167% on its first day of trading, eventually reaching an all-time high near $300 from an IPO price of $31.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing.
Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.
✓ Share: