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Bullish, a cryptocurrency exchange backed by billionaire investor Peter Thiel, is aiming for a valuation of up to $4.2 billion in its upcoming U.S. initial public offering (IPO), according to regulatory filings and people familiar with the matter.
The move marks a significant step for the digital asset platform as it seeks to expand its presence in the highly competitive and regulated American crypto market. The IPO would position Bullish among the top publicly traded crypto firms, alongside Coinbase and Galaxy Digital.
Founded in 2021, Bullish leverages a hybrid model combining centralized exchange infrastructure with blockchain-based transparency. The firm is known for offering deep liquidity, automated market making, and enhanced compliance protocols—features that have drawn interest from both institutional and retail investors.
“Bullish represents a next-generation approach to digital asset trading, and this IPO signals our long-term commitment to regulated growth,” said a company spokesperson.
The listing comes amid renewed interest in crypto markets and a more favorable regulatory tone in the U.S., especially after the approval of several spot Bitcoin ETFs and increasing institutional involvement.
Proceeds from the IPO are expected to support product development, global expansion, and potential strategic acquisitions.
The company’s public debut will be closely watched as a bellwether for investor appetite in crypto-related equities during the next market cycle.
