Crypto Exchange Bullish Aims for $4.2B Valuation in IPO with Stablecoin Strategy

Highlights:

• Crypto exchange Bullish is targeting a $4.2B IPO valuation.
• $629 million to be raised through a 20.3 million share sale.
• Conversion into stablecoins will follow the proceeds after the IPO.

Crypto exchange Bullish is pushing forward with an initial public offering in the U.S. The company plans to raise up to $629 million in the offering with a target valuation of about $4.2 billion in the offering. Bullish is planning to issue 20.3 million shares at a price of between $28 and $31.

The IPO would have been the second occasion that the firm would attempt to go public, and the latest filing with the SEC last month. It had scrapped a previous 2021 SPAC agreement worth $9 billion when uncertainty in the market dominated. It will use the ticker symbol “BLSH” in its listing at the New York Stock Exchange. In its updated SEC filing, the offering will be accompanied by the underwriters having an option to acquire an additional 3.045 million shares.

Peter Thiel-backed crypto exchange Bullish has filed for a U.S. IPO, aiming to raise up to $629 million at a valuation of $4.23 billion. Bullish plans to convert part of the proceeds into USD stablecoins. Bullish relaunched its listing plan amid favorable policies like the GENIUS…

— Wu Blockchain (@WuBlockchain) August 4, 2025

Crypto Exchange Bullish to Convert IPO Funds into Stablecoins

The difference between this IPO and the rest is the purpose of the funds. Bullish indicated that it would use much of the IPO funds to turn them into stablecoins, which are pegged to the U.S. dollar. In addition, the conversion will be done through collaborations with token providers.

This step comes after regulatory advances in digital assets were made in the U.S. The recently signed GENIUS Act has brought forth the regulated framework of stablecoins. Relaxation of restrictions has also taken effect under the Trump administration to give the industry a boost.

There is already an interest to purchase up to 200 million worth of shares by funds under the management of BlackRock and ARK Investment. Institutional confidence is achieved through institutional confidence, not binding. Consequently, this will boost the confidence of the investors in the initial listing. The proceeds are going to be used by Bullish in terms of general corporate activities and future acquisitions. The company is also leaving a possibility of future collaborations and expansion of the platform.

Bullish Financials and Institutional Focus Set the Stage

Bullish runs a trading platform targeting institutional customers. The platform offers spot trading, derivatives, and liquidity solutions. In addition, it is authorized in the U.S., Hong Kong, Gibraltar, and Germany.

The company reported good liquidity, with more than $3 billion worth of assets. This includes 24,000 bitcoin, 12,600 ether, and more than $418 million in cash and stablecoins. It also invests in decentralized finance protocols, though not in large percentages. In Q1 of 2025, the company recorded a net loss of $349 million. Still, it projects a net income of $106 million to $109 million for Q2. Moreover, it registered a profit of $80 million in the year 2024.

The IPO is being considered when various crypto companies are eyeing a listing as U.S. regulations become friendlier. In June, the issuer of the USDC, Circle, raised a strong IPO. Others, such as Grayscale and Kraken, are also exploring public offerings.

JUST IN: 🇺🇸 Grayscale files confidentially for US IPO with SEC. pic.twitter.com/jz23aPeSjL

— Bitcoin Magazine (@BitcoinMagazine) July 14, 2025

Moreover, having a credible team headed by the former NYSE president Thomas Farley, Bullish is entering the market with solid momentum. This tendency of the company to be aligned with stablecoins is a signal of confidence in the clarity of regulations and demand.