Peter Thiel-backed cryptocurrency exchange Bullish files to go public on NYSE

Bullish, a cryptocurrency exchange backed by Peter Thiel, has officially filed for its initial public offering (IPO) on the New York Stock Exchange, aiming to trade under the ticker symbol "BLSH." This move marks a significant milestone for the digital asset sector, which has been increasingly seeking legitimacy in traditional financial markets. Originating as a spinout of Block.one, Bullish has received considerable support from prominent investors including Thiel's Founders Fund, Thiel Capital, Nomura, and Mike Novogratz, among others. The exchange made headlines in 2023 when it acquired the crypto news platform CoinDesk, further establishing its presence in the industry. According to information shared on its website, Bullish reported an impressive average daily trading volume of over $2.5 billion in the first quarter of 2025, positioning itself among the top five exchanges for Bitcoin and Ether spot trading. The company's filing reveals that, as of March 31, the total trading volume since its inception has surpassed $1.25 trillion. This IPO filing comes at a pivotal time for the cryptocurrency industry, which has been striving to gain institutional acceptance for digital assets as viable investment options. The year has already seen significant developments in the crypto market, including a notable surge in Circle's stock following its IPO in June, which has seen its value increase more than sevenfold. Additionally, the online trading platform Etoro made its debut in May while Galaxy Digital, led by Mike Novogratz, transitioned its listing from the Toronto Stock Exchange to Nasdaq. In a parallel move, the Gemini exchange, founded by the Winklevoss twins, filed for an IPO confidentially in June. As interest in Bitcoin continues to soar, with prices climbing to over $117,000 from around $94,000 at the beginning of the year, the regulatory landscape is also evolving. Recently, President Donald Trump signed the GENIUS Act into law, which aims to provide consumer protections for stablecoins, currencies tied to assets like the U.S. dollar designed to mitigate price volatility. In its SEC filing, Bullish emphasizes its commitment to promoting the adoption of stablecoins, digital assets, and blockchain technology. Influential figures in the crypto space, including Thiel and Elon Musk, have been active in lobbying for legislation that supports the legitimacy of digital currencies and their exchanges.