Bullish Crypto Exchange Backed by Peter Thiel Aims for Public Trading on NYSE
In a significant development for the burgeoning cryptocurrency sector, Bullish – a digital asset trading platform backed by venture capitalist Peter Thiel’s Founders Fund – has announced its intention to launch an Initial Public Offering (IPO) on the New York Stock Exchange (NYSE). The exchange will operate under the ticker symbol “BLSH,” led by CEO Tom Farley, a seasoned finance industry veteran and former president of the New York Stock Exchange.
Originating as a spinout from Block.one, Bullish secured initial funding from a consortium that included Thiel’s Founders Fund and Thiel Capital, alongside Nomura, Mike Novogratz, among others. In 2023, Bullish expanded its portfolio by acquiring the prominent cryptocurrency news site, CoinDesk.
According to information on the company website, Bullish exchange executed an average daily volume of over $2.5 billion in the first quarter of 2025, positioning it among the top five exchanges for Bitcoin and Ether spot volume. The prospectus cites Binance, Coinbase, and Kraken as principal competitors.
As of March 31, the total trading volume since launch has surpassed $1.25 trillion, marking a significant milestone in the exchange’s operations. This development underscores the industry’s ongoing efforts to garner institutional acceptance for digital assets as legitimate investment vehicles.
The cryptocurrency market has witnessed a flurry of offerings this year, with notable examples including stablecoin issuer Circle and online trading platform Etoro, both of which debuted in their respective months. Additionally, Galaxy Digital – Novogratz’s crypto firm – shifted its listing from the Toronto Stock Exchange to the Nasdaq in May. In June, Gemini, the cryptocurrency exchange and custodian founded by Cameron and Tyler Winklevoss, confidentially filed for a U.S. IPO.
The market sentiment towards bitcoin remains positive, with its current trading value exceeding $117,000, representing an increase from approximately $94,000 at the beginning of the year.
In relevant news, President Donald Trump recently signed the GENIUS Act into law, a regulatory framework that lays down initial consumer protections for stablecoins – digital assets tied to assets such as the U.S. dollar, aimed at mitigating the price volatility associated with many cryptocurrencies.
In its Securities and Exchange Commission (SEC) filing, Bullish articulates a mission to foster the adoption of stablecoins, digital assets, and blockchain technology. Key industry figures like Thiel, Elon Musk, and David Sacks – Trump’s AI and Crypto czar – have been advocating for legislation that legitimizes digital assets and exchanges.
