How does Bullish's current valuation target compare to its previous valuation?

Bullish is currently targeting a valuation of up to $4.23 billion in its U.S. listing, which is a more than 52% discount to its previous $9-billion valuation target in a 2021 blank check merger that it called off in 2022 due to regulatory hurdles.

Who is the CEO of Bullish?

Bullish's CEO is Thomas Farley, who previously served as the president of the New York Stock Exchange.

Home / Business and Economy / Billionaire-Backed Bullish Crypto Exchange Targets $4.23B Valuation in U.S. Listing

Billionaire-Backed Bullish Crypto Exchange Targets $4.23B Valuation in U.S. Listing

Q: What is Bullish's plan for its IPO proceeds?

Bullish plans to convert a significant portion of its IPO proceeds to U.S.-dollar denominated stablecoins with the assistance of one or more issuers of such tokens.

4 Aug

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Summary

Bullish crypto exchange targets $4.23B valuation in U.S. listing
Plans to convert IPO proceeds to stablecoins with issuer assistance
Backed by billionaire Peter Thiel, previously valued at $9B in 2021

Billionaire-Backed Bullish Crypto Exchange Targets $4.23B Valuation in U.S. Listing

On August 4, 2025, crypto exchange Bullish announced that it is targeting a valuation of up to $4.23 billion in its upcoming United States listing. The company, which is backed by billionaire Peter Thiel, is launching its roadshow to capitalize on the momentum built by digital assets amid regulatory clarity.

Bullish, whose CEO Thomas Farley previously served as the president of the New York Stock Exchange, operates a crypto-trading exchange targeting institutions and is regulated in the U.S., Germany, Hong Kong, and Gibraltar. The company also owns the crypto news website CoinDesk, which it acquired from Barry Silbert's Digital Currency Group in 2023.

In its filing, Bullish stated that it plans to convert a significant portion of the IPO proceeds to U.S.-dollar denominated stablecoins with the assistance of one or more issuers of such tokens. This move comes as major stablecoin-issuer Circle Internet had a blowout debut on the NYSE in June, currently trading at more than 400% its IPO price.

Bullish is seeking up to $629.3 million by offering 20.3 million shares priced between $28 and $31 each, marking its second attempt to go public in four years. The company's previous $9-billion valuation target in a 2021 blank check merger was called off in 2022 due to regulatory hurdles.

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