Bullish IPO Eyes $4.2B Valuation as Peter Thiel’s Palantir Hits $1B Quarter
The much-anticipated Bullish IPO is set to make waves on Wall Street as the cryptocurrency exchange and media company aims to raise between $568 million and $629 million, potentially valuing the firm at $4.2 billion.
The Cayman Islands–based company, which owns crypto media outlet CoinDesk, filed an updated Form F-1 with the U.S. Securities and Exchange Commission (SEC) on Monday, just weeks after its initial submission.
Bullish plans to offer 20.3 million shares priced between $28 and $31 each, with trading expected to debut on the New York Stock Exchange under the ticker symbol BLSH as early as Aug. 12. JPMorgan and Jefferies are leading the underwriting.
Institutional Investors Eye the Bullish IPO
The Bullish IPO has already attracted interest from institutional heavyweights. Accounts managed by subsidiaries of BlackRock and ARK Investment Management have signaled interest in purchasing up to $200 million in shares at the IPO price. The company also intends to convert part of the proceeds into U.S. dollar–denominated stablecoins.
Founded in 2021 after Block.one raised nearly $10 billion, Bullish counts Peter Thiel, Alan Howard, Mike Novogratz, and Nomura among its backers. The company operates a global, institutionally-focused digital asset platform in over 50 jurisdictions, excluding the U.S., and employs more than 275 people.
Second Attempt at Going Public
The upcoming Bullish IPO marks the firm’s second shot at becoming publicly traded. In 2021, Bullish announced a SPAC merger with Far Peak Acquisition Corp that would have valued the company at $9 billion, but the deal fell through in 2022 due to market conditions.
This time, Bullish is capitalizing on favorable sentiment and regulatory clarity under U.S. President Donald Trump’s administration, including the recent passage of the GENIUS Act. CEO Tom Farley says going public will provide “additional credibility with partners, counterparties, and regulators,†along with greater access to capital for expansion and acquisitions.
Media Power and Growth Plans
Bullish expanded into media in November 2023 with its $72.6 million acquisition of CoinDesk, now the world’s second-largest crypto news site by readership. The IPO prospectus cites plans to leverage CoinDesk’s influence to enhance its institutional market infrastructure business.
IPO proceeds are earmarked for expanding Bullish’s global footprint, launching new products — including options trading — and bolstering its platform. The company more than doubled its trading volumes in 2023 and saw a 78% year-over-year increase in Q1 2025. Net income surged nearly $225 million in Q2 2025 compared to the same period last year, driven largely by favorable asset valuations.
Part of a Bigger Crypto IPO Trend
The Bullish IPO joins a wave of digital asset companies going public. Stablecoin issuer Circle delivered one of the year’s most successful IPOs, while eToro, BitGo, Kraken, and potentially OKX and Gemini are also in the pipeline.
If successful, the Bullish IPO will stand among the largest in the crypto industry this year, signaling accelerating institutional adoption and Wall Street’s growing appetite for digital assets.
Palantir’s Q2 Earnings Underscore Thiel’s Winning Streak
While Bullish prepares for its public debut, another Peter Thiel–backed company is already thriving in public markets. Palantir Technologies Inc., the big data and AI analytics firm, reported explosive Q2 2025 earnings, beating analyst expectations and raising full-year guidance.
Palantir’s U.S. commercial revenue surged 93% year-over-year, driving total Q2 revenue to $1.004 billion, a 48% increase from the same period last year. The company also closed $2.27 billion in new contracts, up 140% year-over-year, and reported $464 million in adjusted operating income at a 46% margin.
Palantir now expects full-year revenue to fall between $4.142 billion and $4.150 billion, with U.S. commercial revenue expected to grow at least 85% year-over-year — a bold sign of market confidence.
Together, Bullish and Palantir highlight the strength of Thiel’s portfolio in 2025, straddling both emerging crypto infrastructure and AI-driven enterprise software. As Wall Street embraces digital transformation in multiple sectors, Thiel’s companies appear positioned at the center of that evolution.
