Digital asset platform Bullish took a major step toward going public on July 19, 2025, by filing a registration statement with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) on the New York Stock Exchange under the ticker symbol “BLSH”. The Cayman Islands-based company, classified as a “foreign private issuer,” will benefit from reduced disclosure requirements under U.S. securities laws. The number of shares and the price range have not yet been disclosed, and underwriters will have a 30-day option to purchase additional shares, subject to market conditions.
Second Attempt at Going Public After 2022 SPAC Collapse
This is not Bullish’s first effort to list publicly. In 2021, the firm announced plans to merge with Far Peak Acquisition Corp., a Special Purpose Acquisition Company (SPAC), in a deal that valued Bullish at $9 billion. That transaction was called off in 2022 due to a confluence of headwinds: a dramatic crypto market downturn, intensified regulatory scrutiny on SPACs, and a tightening monetary policy that dampened appetite for speculative assets. Now, Bullish is returning to the public markets with a traditional IPO approach, joining other crypto players like Gemini and Grayscale, which have also filed confidentially or publicly with the SEC, in a broader push for regulatory clarity and access to public capital.
Peter Thiel’s Early Support and Global License Network
Bullish counts billionaire investor Peter Thiel among its earliest backers, with his firms Founders Fund and Thiel Capital participating in the initial investment rounds. The platform operates a regulated digital asset exchange with licenses in Germany, Hong Kong, and Gibraltar, combining an automated market maker with a central limit order book to serve institutional clients. Its Hong Kong subsidiaries handle core services such as custody, engineering, and compliance. Bullish has explicitly stated that it does not operate in mainland China and is not subject to oversight by the China Securities Regulatory Commission or the Cyberspace Administration of China.
Institutional Crypto Wave: More Firms Eye Public Listings
Bullish’s IPO filing comes at a time when the crypto industry is increasingly seeking to integrate with traditional capital markets. Following the approval of spot Bitcoin and Ethereum ETFs by the SEC, institutional inflows have surged, creating a more favorable environment for crypto-native companies to go public. Analysts view Bullish’s move as another milestone in the maturation of digital asset infrastructure, signaling that compliant, transparent exchanges can successfully tap public equity markets. If the listing proceeds, it could pave the way for additional exchange and custody providers to follow suit, further embedding crypto into the mainstream financial system.