Bullish Crypto Exchange IPO Set for NYSE Listing

In a big step forward for the crypto world, Bullish — a digital asset exchange backed by billionaire Peter Thiel — has officially filed for an initial public offering (IPO) in the U.S. The company plans to go public on the New York Stock Exchange (NYSE) under the ticker symbol “BLSH”, according to Crypto News.

This shows how confident crypto companies are becoming, especially as more big investors and institutions start paying attention to the space.

Bullish is led by Tom Farley, who used to be the president of the NYSE, which brings strong Wall Street experience to the table. The company’s move to go public reflects a bigger trend — more crypto firms are looking to work with regulators and become part of the traditional financial system.

From Startup to Industry Leader: Bullish’s Rapid Rise

Originally launched as a spinout from blockchain developer Block.one, Bullish has seen a meteoric rise in market presence. With backing from Founders Fund, Thiel Capital, Nomura, and crypto heavyweight Mike Novogratz, the exchange has positioned itself as a serious contender in the digital asset ecosystem.

According to its IPO filing, Bullish recorded over $2.5 billion in average daily trading volume during Q1 2025, placing it among the top five global exchanges for spot trading of Bitcoin and Ether. Since launch, Bullish reports total trading volume surpassing $1.25 trillion, underlining the scale of its growth.

The company also made headlines last year when it acquired CoinDesk, one of the most influential crypto news platforms — a move that bolstered its influence in both media and markets.

The Broader Crypto IPO Wave

Bullish’s filing comes amid a surge in crypto-related public listings this year. Circle, the issuer behind stablecoin USDC, went public in June, seeing its stock skyrocket more than sevenfold. Etoro, a popular online brokerage with crypto services, debuted in May. Meanwhile, Galaxy Digital moved its listing from Canada to the Nasdaq, and Gemini confidentially filed for an IPO in June, further proving investor appetite is strong.

The rising interest is being driven by not just market demand, but also the evolving U.S. regulatory landscape — particularly with the passing of the GENIUS Act, which was signed into law by former President Donald Trump this week.

The Regulatory Tailwind: GENIUS Act Fuels Confidence

Crypto executives across the board have hailed the GENIUS Act as a game-changing development for the sector. Ian De Bode, Chief Strategy Officer at Ondo Finance, called it the beginning of a “new regulatory era,” emphasizing how legal clarity unlocks institutional involvement.

Lukas Enzersdorfer-Konrad, Deputy CEO at Bitpanda, said the bill has already boosted investor confidence, especially in assets like XRP and DOGE, as altcoins ride the wave of clearer rules. Tae Oh, CEO of Gluwa, praised the bill for laying out a federal framework for USD-pegged stablecoins, calling it crucial for safe innovation and DeFi growth.

Final Thoughts

With Bullish preparing to join the NYSE ranks, crypto continues to weave itself into the fabric of traditional finance. Its IPO — paired with a growing list of digital firms going public and more transparent regulation — signals a new phase for the industry.

The line between Wall Street and Web3 is blurring, and companies like Bullish are leading that charge. Whether this momentum sustains will depend on how effectively these firms can balance innovation, regulation, and investor trust — but for now, the future looks decidedly bullish.