Catenaa, Tuesday, August 05, 2025- Bullish, the crypto platform backed by billionaire Peter Thiel, filed for an initial public offering Monday, seeking to raise up to $629 million, a US securities filing showed.
The company plans to offer 20.3 million shares priced between $28 and $31, which would value the firm at roughly $4.2 billion.
JPMorgan and Jeffries are the lead underwriters.
Bullish had confidentially filed for the IPO in June, allowing it to prepare without disclosing financial details until now.
Founded in 2021 by Block.one with nearly $10 billion in funding, Bullish focuses on institutional market infrastructure for digital assets.
Its investors include Alan Howard, Mike Novogratz, and Japan’s Nomura bank.
The firm also owns CoinDesk, the crypto media and research outlet, which was highlighted in the prospectus as a strategic component of its growth strategy.
Chief Executive Tom Farley said going public would provide the company with added credibility among regulators and partners, improved access to capital, and a stock currency for future acquisitions.
The IPO arrives amid renewed momentum for digital-asset companies, following Circle Internet Group’s successful market debut and rising investor interest in crypto-linked equities.
Bullish has over 275 employees and enters the market as competitors like Grayscale and Kraken pursue their own listings.
