# Crypto Exchange Bullish Files for U.S. IPO

*Author: Bankless*
*Published: Aug 4, 2025*
*Source: https://www.bankless.com/read/crypto-exchange-bullish-files-for-u-s-ipo*

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Bullish, the crypto exchange backed by Peter Thiel, filed for a U.S. IPO aiming to raise up to $629 million and set a pre-money valuation near $4.2 billion as it plans to list on the NYSE under the ticker “BLSH.”

### What’s the Scoop?
- **IPO Mix & Pricing:** Bullish, which also owns the publication CoinDesk, plans to sell 20.3 million shares at a $28–$31 price range, targeting ~$629 million in proceeds.
- **Valuation & Second Attempt:** The target valuation of $4.2 billion marks a significant discount to its previously attempted $9 billion SPAC deal in 2021.
- **Financial Snapshot:** The company reported an $80 million net income in 2024 but posted a net loss of ~$349 million in Q1 2025.
- **Liquid Assets & Holdings:** Bullish disclosed over $3 billion in liquid assets, including 24K BTC, 12.6K ETH, and ~$418 million in cash and stablecoins.
- **Backer Interest & Use of Funds:** Major investors like ARK and BlackRock have expressed interest in $200 million of shares, and Bullish intends to convert much of the IPO proceeds into U.S. dollar stablecoins.
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