Bullish, the crypto exchange backed by Peter Thiel, filed to go public on Friday, aiming to trade under the symbol BLSH on the New York Stock Exchange, according to a CNBC report.
The filing with the U.S. SEC outlines how the spinout from Block.one plans to tap capital markets to fuel its growth. CEO Tom Farley, who once led the NYSE, says the move will support Bullish’s mission to broaden the use of digital assets and stablecoins.
Bullish’s History and Backing
Bullish Exchange was launched with funding from Founders Fund and Thiel Capital, alongside stakes by Nomura and Mike Novogratz.
The firm expanded its offerings in 2023 when it acquired CoinDesk, a leading crypto news outlet. Today, Bullish sits among the top five platforms by spot volume for both Bitcoin and Ether.
In Q1 2025, Bullish reported average daily volume above $2.5 billion, ranking it among the five biggest crypto exchanges globally.
Since its debut, cumulative trading has topped $1.25 trillion, according to the prospectus. These figures reflect growing adoption of cryptocurrencies by retail and institutional clients.
Crypto Industry IPO Wave
Bullish becomes the latest digital asset firm to seek public status after Circle’s strong debut in June. Circle’s stock has climbed over 700% since its IPO, highlighting investor appetite for crypto‑related shares.
Grayscale, another major player, quietly submitted a draft S‑1 but has yet to announce share count or price range.
On the same day Bullish filed, President Donald Trump signed the GENIUS Act into law. The legislation sets consumer protections for stablecoins tied to assets like the U.S. dollar and imposes rules to curb volatility.
Bullish’s SEC filing states that part of its goal is to drive stablecoin and blockchain adoption under a clearer regulatory framework.
Political Support for Crypto
Thiel, Elon Musk and David Sacks have invested in political campaigns to back crypto‑friendly policies. Their efforts helped shape the GENIUS Act, which many in the industry view as a step toward legitimising digital assets.
Bullish’s bid for public trading comes at a time when lawmakers are weighing further rules for exchanges.
Leadership and Strategy
Tom Farley brings decades of experience in traditional finance to the crypto sector. He argues that Bullish’s blend of institutional backing and blockchain technology gives it an edge.
By listing on the NYSE, the company expects to boost its profile among investors who have so far shunned unlisted crypto firms. The capital raised could be used to enhance trading tools, add new tokens and strengthen security measures.
With the SEC review process ahead, Bullish must disclose more details on its finances, governance and risk controls. The timeline for approval can stretch months, during which market conditions may shift.