In an era where cryptocurrency regulation is finally taking shape under the Trump administration, Bullish’s second IPO attempt is more than just a headline — it’s a market signal. With the GENIUS Act laying foundational rules for stablecoins and the public market once again warming up to crypto-linked listings (as seen in Circle’s blowout debut), Bullish’s IPO gives investors a new vehicle to gain institutional-grade exposure to the crypto sector — at a valuation that’s 52% below its 2021 target.
What Is Bullish?
Bullish is a crypto exchange targeting institutional investors, offering deep liquidity, compliance-focused infrastructure, and now — a second attempt at going public. The company is best known for two things:
- Backing by billionaire Peter Thiel, a major tech and crypto investor
- Its acquisition of CoinDesk, the leading crypto news site, in 2023 from Digital Currency Group
Bullish was originally slated to go public via a $9 billion SPAC deal in 2021, but that merger fell apart in 2022, citing unclear regulatory conditions in the U.S.
Now, in 2025, with a friendlier crypto environment under President Trump, the company is re-launching its IPO — at a sharply reduced valuation.
IPO Details: What Bullish Is Offering
According to Bullish’s SEC filing, here’s what the company is putting on the table:
- 20.3 million shares offered to the public
- Price range: $28 to $31 per share
- Target valuation: up to $4.23 billion
- Capital raised: up to $629.3 million
The offering is being led by J.P. Morgan, Jefferies, and Citigroup. The shares will trade on the NYSE under the ticker “BLSH.”
That valuation represents a 52% haircut from Bullish’s abandoned 2021 SPAC deal — a clear acknowledgment that market sentiment has shifted since the peak of the last crypto bull run.
According to Renaissance Capital’s Matt Kennedy, this isn’t a red flag — it’s strategic. “When an IPO begins marketing, the bankers would rather undershoot on valuation and then price up, rather than overshoot and price down,” he told Reuters.
Strategic Move: Converting IPO Proceeds Into Stablecoins
In a move that signals both confidence and creativity, Bullish plans to convert a significant portion of the IPO proceeds into U.S.-dollar-denominated stablecoins, working with one or more issuers of those tokens.
This comes on the heels of Circle’s high-profile NYSE debut in June, which saw its stock skyrocket to over 400% of its IPO price.
Why this matters:
- It shows Bullish is leaning into regulatory clarity under the GENIUS Act
- It positions the firm to potentially yield returns on tokenized cash equivalents
- It could offer a hedge against crypto volatility by locking in proceeds into dollar-backed assets
This stablecoin conversion isn’t just a technical detail — it’s part of a broader strategic bet on tokenized finance, one that may provide a new avenue for revenue generation.
The Crypto IPO Window Is Cracking Open Again
Bullish isn’t the only crypto firm testing the IPO waters again. A confluence of regulatory clarity, investor demand, and rising crypto prices is reawakening the public markets for digital asset firms.
Consider:
- Circle soared after its IPO, validating investor appetite for crypto-adjacent firms with clear business models and revenue.
- The GENIUS Act, signed by President Trump in July, has created an initial regulatory framework for stablecoins, bringing long-awaited clarity to the space.
- Despite volatility, Bitcoin remains above $110,000, and institutional adoption of crypto is expanding — including BlackRock’s Bitcoin ETF and growing tokenization trends in traditional finance.
Bullish is trying to capitalize on this moment — and doing so at a valuation that investors may find far more palatable than 2021’s inflated numbers.
Profit Swings and Losses
Not everything in Bullish’s filing is bullish.
The company reported a $349 million loss for the first quarter of 2025, compared to a $105 million profit during the same period last year. That shift was primarily driven by a decline in the fair value of its crypto holdings.
This trend mirrors broader issues seen across public crypto exchanges. For example, Coinbase recently posted a decline in Q2 adjusted profit and saw its stock drop 17% on the report, despite gains in its portfolio holdings.
However, analysts like Kennedy argue that investors will need to look beyond the quarterly noise and focus on core operating metrics — namely:
- Efficiency
- Trading volume
- Fee generation
- Operational profitability excluding token price volatility
This is critical for institutional investors evaluating Bullish’s business model.
Leadership Advantage: Thomas Farley at the Helm
Bullish’s CEO is Thomas Farley, the former president of the New York Stock Exchange.
That’s not just a flashy title — it brings real credibility to the company’s public market ambitions and its efforts to bridge Wall Street and Web3. Farley’s understanding of market infrastructure, regulatory navigation, and capital markets strategy could be a key differentiator as Bullish competes with legacy players like Coinbase, Kraken, and upstarts like EDX Markets.
Bullish Owns CoinDesk
One often overlooked detail: Bullish acquired CoinDesk in 2023.
CoinDesk is one of the most-read crypto news platforms globally, and its integration into Bullish’s portfolio brings potential synergies in:
- Content distribution
- Market education
- Brand awareness
- Native advertising and monetization
This acquisition positions Bullish as not just an exchange — but a media + markets hybrid, which could be valuable in building retail and institutional trust.
Risks to Watch
Despite the bullish name, investors should remain level-headed and consider the following risks:
- Crypto Volatility – The sector remains highly cyclical, and a downturn in digital asset prices could hammer Bullish’s revenue and assets under custody.
- Profitability Pressure – The company is currently unprofitable and saw a major swing in performance year over year.
- Regulatory Overhang – While the GENIUS Act is a step forward, future political changes or enforcement actions could still disrupt the operating landscape.
- Competition – Coinbase, Binance (non-U.S.), Kraken, and new entrants continue to battle for market share, particularly on fees, assets, and features.
- Post-IPO Stability – Investors should consider potential lock-up expirations, insider selling, and the broader IPO market environment over the next 6–12 months.
Investor Takeaways
🟢 Opportunity: Bullish is entering the public market at a significant discount to its 2021 valuation, with clearer regulatory backing and a high-profile leadership team. The company’s pivot toward stablecoin exposure and media integration adds to its strategic appeal.
🔴 Caution: Losses are mounting, and the crypto market remains volatile. Valuation could be pressured further if trading volumes don’t pick up or if digital asset prices fall.
🎯 Bottom Line: For investors who believe in the long-term institutionalization of crypto and want exposure to infrastructure, not just assets, Bullish offers a potentially compelling — though risky — opportunity. This IPO might represent the next generation of crypto investing, more mature and measured than the hype cycle of 2021.
Bullish vs. Crypto IPO Peers
| Company | IPO Year | IPO Price | Current Price (Aug 2025) | Performance | Market Cap (Approx.) |
|---|---|---|---|---|---|
| Bullish | 2025 | $28–$31 | TBD | TBD | $4.23B (target) |
| Circle | 2025 | $8.00 | $32.50 | +306% | $12.8B |
| Coinbase | 2021 | $250 | $142 | –43% | $33B |
The Next Chapter
The crypto world is evolving — and IPOs like Bullish could define the next chapter. With stronger guardrails, bigger players, and clearer political signals, the digital asset space is moving from chaos to credibility.
Bullish’s IPO won’t just test investor appetite for crypto stocks — it will test whether institutional infrastructure has finally found its footing.
Sources:
- Reuters – Peter Thiel-backed Bullish seeks IPO
- Circle’s Blockbuster NYSE Debut
- SEC Filing – Bullish S-1
- Coinbase Q2 Earnings 2025
About Author
