A Major IPO in the Crypto Space! Bullish, backed by Peter Thiel, is set to go public. Can it become the next Circle?

On July 19, Bullish, a company backed by Silicon Valley billionaire Peter Thiel, formally submitted its IPO application to the U.S. Securities and Exchange Commission (SEC), planning to list on the NYSE under the stock code 'BLSH'. This is the first crypto IPO project since the signing of the Genius Act by Trump on June 17. $Bullish(BLSH.US)$ Bullish has officially submitted its IPO application to the U.S. Securities and Exchange Commission (SEC), planning to list on the New York Stock Exchange under the ticker symbol "BLSH". This is the first cryptocurrency IPO project since the signing of the Talent Act by Trump on June 17.

This move reminds investors of the impressive performance of Circle, the first stablecoin company to go public this year. The market is eagerly awaiting to see if Bullish can become the next Circle.

So, what exactly is the company Bullish, and how has it performed? Futubull will explain in detail.

According to the latest reports, Bullish's offering price range is between $28 and $31, with an issuance of 20.3 million shares, aiming to raise up to $629 million. At the highest offering price, Bullish's valuation will reach $4.2 billion. This will be the first cryptocurrency company to pursue a U.S. stock listing after the enactment of the bill.

So, what exactly is the company Bullish? How has it performed? We will explain these points in detail.

What is Bullish?

Bullish, founded in 2021, is a rising star in the cryptocurrency exchange sector, with major investors including Founders Fund and Thiel Capital, both backed by Silicon Valley investor Peter Thiel. Other co-investors include Nomura Securities and Mike Novogratz.

Bullish is a global digital asset platform focused on institutional clients, with its core business encompassing two main segments: institutional-grade digital asset trading infrastructure and a digital asset information service system.

1. Institutional-Grade Digital Asset Trading Infrastructure: The Bullish Exchange, which is regulated in multiple countries, provides cryptocurrency spot and derivatives trading services, supporting major assets such as Bitcoin and Ethereum.

According to the prospectus, by the first quarter of 2025, the daily trading volume on the company's Bullish Exchange exceeded $25 billion, making it one of the top five exchanges for Bitcoin and Ethereum spot trading. Since its launch, the total trading volume on Bullish Exchange has surpassed $12.5 trillion.

2. Digital Asset Information Service System: Through the acquisitions of CoinDesk and CCData, Bullish has built a full-service ecosystem covering market data, index compilation, and industry news. Notably, the well-known crypto media outlet CoinDesk reached 55 million unique visitors in 2024, with its data and index services covering 171,000 users; the addition of CCData significantly enhanced the professionalism of the data solutions.

Overall, Bullish's business structure is a dual-wheel drive of exchange and media collaboration. The company believes that this structure can generate a synergistic flywheel effect, promoting the cross-utilization of products and services.

For example, tradable products supported by CoinDesk Indices will be listed on the Bullish Exchange, backed by a unified and efficient cost base across the enterprise. Additionally, the integration of CoinDesk Data and CoinDesk Indices enhances this flywheel effect, as CoinDesk Data provides comprehensive market insights and analysis to support the indices, while CoinDesk Indices uses this data to develop index solutions, thereby strengthening each other's business.

Furthermore, Bullish has been actively advancing its compliance layout globally in recent years. It has established subsidiaries in the Cayman Islands, the United States, Singapore, Gibraltar, Germany, and Hong Kong, including obtaining a virtual asset trading platform license from the Securities and Futures Commission (SFC) of Hong Kong earlier this year.

How is Bullish's business performing?

Bullish's digital asset sales for 2022, 2023, and 2024 were $72.89 billion, $116.49 billion, and $250.2 billion, respectively; with net profits of -$4.246 billion, $1.300 billion, and $79.564 million, respectively.

Based on the first-quarter performance, Bullish reported digital asset sales of $80.236 billion and a net loss of $348 million in the first quarter of 2025. This was primarily due to a one-time impairment of $246 million caused by the decline in Bitcoin prices. The company holds over 24,000 Bitcoins and is expected to become the fifth-largest Bitcoin holder globally after its listing.

Despite the pressure on performance, Bullish has seen significant growth in trading volume in recent years. In 2024, its total trading volume reached $546.7 billion, a 173% increase from 2023. Specifically, the trading volumes for Bitcoin and Ethereum grew by 142% and 148%, respectively, while the trading volume for 'other assets' surged by 517%, indicating a rapid expansion in the Altcoin market. This growth trend reflects the initial success of Bullish in attracting institutional clients, enhancing market liquidity, and increasing platform activity, positioning it as a key player in the global cryptocurrency exchange landscape.

Bullish's Strength: Ultra-Luxurious Shareholder Lineup

Thomas W. Farley serves as the Chairman and CEO of Bullish, and David W. Bonanno is the CFO. Prior to joining Bullish, Tom Farley was the President of the New York Stock Exchange (NYSE) and served as the Chairman and CEO of FPAC.

A notable shareholder, Peter Thiel, is one of the most influential investors in Silicon Valley. He is the founder of Founders Fund and Thiel Capital, which are among the earliest and most steadfast investors in Bullish. Peter Thiel is a key member of the PayPal Mafia and a co-founder of Palantir, with extensive investment experience.

Overall, leveraging the opportunities presented by a more relaxed regulatory environment and a rebound in the capital markets, Bullish is attempting to enter the mainstream market. However, the company still faces significant challenges in establishing a firm foothold in the capital markets.