Bullish, the prominent cryptocurrency exchange backed by billionaire Peter Thiel, has taken a significant stride toward becoming a publicly traded company, filing for an Initial Public Offering (IPO) on Friday. The move signals increasing mainstream acceptance and institutional adoption within the digital asset sector.
Led by CEO Tom Farley, former president of the New York Stock Exchange, Bullish intends to list its shares on the New York Stock Exchange (NYSE) under the ticker symbol “BLSH.” Originally a spinout from blockchain company Block.one, Bullish garnered early support from Thiel’s Founders Fund and Thiel Capital, alongside investments from Nomura and crypto veteran Mike Novogratz.
According to its IPO filing, Bullish has swiftly established itself as a major player in the cryptocurrency exchange landscape. The company reported impressive average daily trading volumes exceeding $2.5 billion in the first quarter of 2025. Bullish asserts that it ranks among the top five exchanges globally for spot trading volumes of Bitcoin and Ether, placing it in direct competition with industry titans like Binance, Coinbase, and Kraken. Since its inception, Bullish proudly claims that its total trading volume has surpassed an astonishing $1.25 trillion.
Further solidifying its presence, Bullish made headlines last year with its acquisition of the renowned crypto news outlet.
This IPO filing by Bullish is the latest in a series of significant public listings within the cryptocurrency sector in 2025, highlighting a clear trend towards public market integration. Stablecoin issuer Circle made a splash with its successful IPO in June, with its stock surging more than sevenfold since going public. Online trading platform eToro, which offers extensive crypto trading services, debuted its shares in May. Additionally, Galaxy Digital, led by Mike Novogratz, successfully migrated its listing from the Toronto Stock Exchange to Nasdaq earlier this year. Adding to this momentum, Gemini, the exchange founded by the Winklevoss twins, confidentially filed for a U.S. IPO in June, further underscoring robust market confidence in crypto exchanges seeking public listings.
These developments unfold amidst a robust cryptocurrency market, with Bitcoin continuing its upward trajectory, climbing above $117,000 – a significant increase from around $94,000 at the start of the year.
Adding another layer of positive sentiment to the evolving regulatory landscape, President Donald Trump on Friday signed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act into law. This groundbreaking legislation introduces comprehensive consumer protections for stablecoins, which are digital currencies pegged to assets like the U.S. dollar.
The passage of the GENIUS Act has been widely welcomed by crypto leaders, who view it as a pivotal shift in the regulatory environment for digital assets. Ian De Bode, Chief Strategy Officer at Ondo Finance, hailed the bill as "the beginning of a new regulatory era," emphasizing that legal clarity has historically been the biggest impediment to full institutional involvement in crypto. He also acknowledged the influential presence of Patrick McHenry alongside President Trump during the bill's signing, underscoring the moment's importance for the industry.
Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, noted that regulatory progress in Washington has significantly boosted investor confidence, fueling optimism not only for Bitcoin but also for altcoins such as XRP and DOGE. He stressed that broad market rallies are underpinned by strong confidence, which clearer rules help to provide.
Tae Oh, CEO of Gluwa, highlighted the GENIUS Act’s crucial role in establishing a federal framework for USD-pegged stablecoins. He believes this sets a vital precedent for responsible innovation, enhanced consumer protection, and sustained long-term growth across payments, decentralized finance (DeFi), and broader financial infrastructure.
July 2025, Cryptoniteuae