Peter Thiel-Backed Exchange Bullish Files for NYSE IPO

Bullish, a cryptocurrency exchange backed by billionaire investor Peter Thiel, has filed paperwork with the U.S. Securities and Exchange Commission for an initial public offering and plans to list on the New York Stock Exchange under the ticker symbol “BLSH.” The company is a spin-out of Block.one and counts Nomura and crypto entrepreneur Mike Novogratz among its investors. Bullish’s filing follows a series of public-market debuts by digital-asset firms as the industry seeks broader institutional acceptance.

In its prospectus, Bullish said it handled more than US$2.5 billion in average daily trading volume during the first quarter of 2025, ranking among the five largest spot venues for Bitcoin and Ether. Cumulative volume since the platform’s launch has surpassed US$1.25 trillion. Despite the trading scale, the exchange reported a quarterly net loss, underscoring the still-volatile economics of crypto markets.

Bullish’s move continues a run of listings that has seen stable-coin issuer Circle, trading platform eToro, Galaxy Digital and, most recently, Gemini head toward U.S. exchanges. The company, which bought crypto news site CoinDesk in 2023, said the IPO proceeds will help expand its product suite and support wider adoption of stablecoins and blockchain technology.

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