Bullish Targets $4.2B Valuation in IPO Backed by Peter Thiel

- Bullish targets $4.2 billion IPO valuation, pricing shares at $28–$31. - Listing marks potential progress for crypto firms amid public market challenges. On August 4, 2025, the Peter Thiel-backed crypto exchange Bullish filed for an initial public offering (IPO). The company targets a $4.2 billion valuation and plans to price its shares between $28 and $31. This IPO marks a significant milestone for the crypto industry, where public listings remain rare. This filing represents a turning point for Bullish, which faced previous setbacks on its path to going public. On December 22, 2022, Bullish and Far Peak Acquisition Corp. terminated their proposed SPAC merger, citing regulatory delays that prevented them from securing SEC approval before the year-end deadline. As a result, Far Peak announced it would dissolve and abandon further merger plans. Bullish's move stands out in a challenging landscape for crypto firms seeking public market opportunities. For instance, Circle Internet Financial confidentially filed for an IPO on January 11, 2024, but the company remains private. Similarly, Grayscale Investments has focused on converting its flagship Bitcoin Trust (GBTC) into a spot Bitcoin ETF instead of pursuing an IPO. The Bullish IPO highlights renewed optimism for the crypto industry in the public markets, as a successful listing could attract greater institutional participation and increase transparency. However, it is not yet clear if this IPO will set a precedent for other crypto enterprises.