Bullish Listing Thrust: Former NYSE President at the Helm, 24K Bitcoins Backing

2025-08-07 11:49

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The Bullish offering price is set to be between $28 and $31, with 20.3 million shares being issued, raising up to $629 million. Based on the highest offering price, Bullish's valuation would reach $4.2 billion.

Original Title: "Former NYSE President Leads Bullish in NYSE Sprint: Holding 24,000 Bitcoins Valued at Over $4 Billion, Roadshow PPT Exposed"

Original Author: Lei Jianping, Leidi Network

Silicon Valley investment tycoon and billionaire Peter Thiel-backed digital asset exchange operator Bullish (stock code: BLSH) has updated its prospectus and is preparing to list on the New York Stock Exchange on August 13, 2025.

Bullish's offering price range is $28 to $31, issuing 20.3 million shares, with a maximum fundraising of $629 million. Based on the highest issue price, Bullish's valuation will reach $4.2 billion.

Funds managed by BlackRock and ARK Investment Management have expressed their intention to subscribe to up to $200 million worth of common stock at the IPO price.

In the filing, Bullish stated that it holds over $3 billion in liquid assets, including 24,000 Bitcoins, 12,600 Ethereums, and over $418 million in cash and stablecoins.

Bullish stated that this funding also includes funds provided to decentralized finance protocols, although these funds are "not significant" to the total funds.

Cryptocurrency Industry's Ongoing IPO

Bullish had previously planned to merge with the Special Purpose Acquisition Company Far Peak Acquisition (FPAC.US) at a valuation of $9 billion, but the deal ultimately failed to materialize.

American cryptocurrency companies have benefited from the Trump administration's support for the cryptocurrency industry and congressional advancement of cryptocurrency legislation, ultimately leading to the passage and signing of the "Genius Act," aimed at regulating stablecoins.

Previously, USDC stablecoin issuer Circle went public on the NYSE, offering a total of 34 million shares and raising a total of $1.054 billion; of which, Circle sold 14.8 million shares in this IPO, raising $459 million; existing shareholders, including the CEO, sold 19.2 million shares, cashing out nearly $600 million.

Circle has become one of the few pure cryptocurrency companies to go public in the United States following Coinbase. As of today's close, Circle has a market capitalization of $37.5 billion.

Israel-based social trading platform eToro has also gone public. Industry giants including BitGo and Grayscale have also filed for IPO.

Q1 Net Loss of $3.48 Billion

Bullish, founded in 2020, is a global digital asset platform focused on institutional investors. Its goal is to provide mission-critical products and services to help institutional investors grow their businesses, empower retail clients, and drive the adoption of stablecoins, digital assets, and blockchain technology.

In 2023, Bullish acquired CoinDesk, expanding its product line to provide trusted insights, authoritative news, data, indices, and transparent analysis to the digital asset industry. It also fosters partnerships, investment opportunities, and community engagement through its flagship conference, Consensus.

In October 2024, Bullish acquired CCData, enhancing its data and information service capabilities by integrating one of the industry's leading digital asset data and index providers, further strengthening its product portfolio.

Currently, Bullish operates under the "Bullish" and "CoinDesk" brands, offering multiple unique yet complementary services covering the digital asset industry.

In the first quarter of 2025, the Bullish platform's Bitcoin trading volume was $108.6 billion, a 36% increase from the same period last year, with a daily Bitcoin trading volume of $12.07 billion, a 37% increase from the previous year's $8.8 billion.

According to its prospectus, Bullish had digital asset sales of $72.89 billion, $116.49 billion, and $250.2 billion in 2022, 2023, and 2024, respectively, with net profits of -$4.246 billion, $130 million, and $79.56 million in those years.

Bullish's Adjusted EBITDA in 2022, 2023, and 2024 is $36 million, $27 million, and $52 million, respectively.

In the first quarter of 2025, Bullish's Digital Asset Sales were $80.236 billion, compared to $80.4 billion in the same period last year; net loss was $348 million, compared to a net profit of $105 million in the same period last year.

In the first quarter of 2025, Bullish's Adjusted Net Profit was $2 million, compared to $4 million in the same period last year.

As of March 31, 2025, Bullish held cash and cash equivalents of $28.3 million, total assets of $2.665 billion, total liabilities of $700 million, and shareholders' equity of $1.964 billion.

Silicon Valley Investment Mogul Peter Thiel is a Shareholder

Bullish's Chairman and CEO is Thomas W. Farley, and the CFO is David W. Bonanno.

Tom Farley previously served as President of the New York Stock Exchange and was Chairman, CEO, and President of FPAC before becoming CEO of Bullish.

Silicon Valley investor and billionaire Peter Thiel is also a shareholder of Bullish.

Prior to the IPO, Brendan F. Blumer held 36.3% of Class A shares, representing 35.5% ownership; Andrew C. Bliss, Director, held 4.5% of Class A shares, representing 4.3% ownership; Kokuei Yuan held 32.2% of Class A shares, representing 31.4% ownership.

Pu Luo Chung VC Private held 12.8% of Class A shares and 4.57% of Class B shares, representing 12.6% ownership; Alexander See held 8.7% of Class A shares, representing 8.5% ownership. PLC (Bullish Global) Ltd held 28.56% of Class B shares, representing 1.3% ownership;

Galaxy Digital Ventures holds 22.84% of Class B shares with a 1.1% ownership; PLC (Bullish Global) holds 20.96% of Class B shares, Camomille Global holds 12.51% of Class B shares, and EFM Global Growth Master holds 10.28% of Class B shares.