Peter Thiel-Backed Bullish Files for $629M IPO in Major Crypto Market Move
Key Highlights:
Targeting $629M raise at $28-$31 per share (20.3M shares)
$4.2B valuation for the institutionally-focused crypto platform
JPMorgan & Jefferies leading the underwriting
Comes after Circle's successful IPO (+500% post-listing)
IPO Details & Market Timing
Bullish (owner of CoinDesk) has officially filed for its IPO after confidentially submitting in June. The move capitalizes on:
📈 Strong crypto market cycle
🚀 Circle's recent IPO success (500%+ surge)
💼 Growing institutional crypto demand
CEO Tom Farley stated:
"We believe digital assets are entering their next growth phase... Becoming public builds credibility with regulators and unlocks strategic opportunities."
Bullish's Strategic Position
🔹 Institutional focus: Market infrastructure & trading services
🔹 Owns CoinDesk: Leverages its media/research arm in prospectus
🔹 Backed by heavyweights: Peter Thiel, Alan Howard, Mike Novogratz
🔹 Parent company: Block.one (raised $10B in 2021)
Crypto IPO Wave Gains Momentum
Bullish joins a surge of crypto firms going public:
• Grayscale: Filed confidential IPO paperwork
• Kraken: Targeting 2026 IPO at $15B valuation
• Circle: Current market cap ~$12B after explosive debut
Why This Matters:
As the first major crypto-native trading platform IPO since Coinbase, Bullish's debut could:
✅ Validate institutional crypto adoption
✅ Set valuation benchmarks for competitors
✅ Signal broader public market acceptance of crypto businesses