Prior to a multibillion-dollar IPO, Thiel's company has captured the attention of BlackRock and Cathie Wood, indicating potential investments.
The crypto exchange sector is witnessing a surge in Initial Public Offerings (IPOs), with Bullish's high-profile launch in August 2025 and Kraken's pending IPO reflecting a broader institutional acceptance and maturation of the industry.
Leading the charge is Bullish, a crypto exchange backed by Peter Thiel, which completed a $5.4 billion IPO in August. The offering was 20x oversubscribed, and the projected 62% opening price surge signaled strong institutional interest [2][4]. Bullish, led by Tom Farley, aimed to raise up to $990 million by offering 30 million shares at a price range of $32 to $33 per share [3]. The company is now valued at $4.8 billion according to the updated plans filed with the SEC.
Notable entities such as BlackRock and ARK Investment Management have shown interest in subscribing to shares worth up to $200 million and $100 million, respectively, in Bullish's IPO [1]. The crypto news site CoinDesk is also part of the Bullish IPO. Bullish is off to a spectacular start on the stock market, with the initial plans a week ago valuing the company at $4.2 billion [1].
Bullish's success has not gone unnoticed, as other crypto-related firms are also eyeing the public market. Trading app eToro opened up for public trading, and both Gemini, led by the Winklevoss twins, and crypto custodian BitGo have confidentially filed for IPOs in the U.S. [1].
Meanwhile, Kraken, one of the top global crypto exchanges, is preparing for an IPO planned for 2026 after postponing it due to the 2022 fintech and crypto market downturn [1]. The company is positioning for a public listing amid improving regulatory clarity.
The significant increase in terms before the IPO suggests strong demand for Bullish's shares, and the company's spectacular start on the stock market underscores the growing interest in regulated crypto exchanges. The uptick in IPO activity underscores the broader institutional acceptance and maturation of the crypto exchange sector after several years of regulatory uncertainty and market volatility [1][2][4].
As for the IPO's stock market debut date, no exact date has been announced yet. However, with the growing interest in crypto exchanges and the success of Bullish's IPO, it's safe to say that the crypto exchange sector is poised for continued growth.
References: [1] CoinDesk (2025). Bullish IPO: Everything You Need to Know. [online] Available at: https://www.coindesk.com/bullish-ipo/
[2] Forbes (2025). Bullish IPO: A Shift Toward Mainstream, Regulated Crypto Adoption. [online] Available at: https://www.forbes.com/sites/billybambrough/2025/08/01/bullish-ipo-a-shift-toward-mainstream-regulated-crypto-adoption/?sh=7e0f762826d6
[3] Bloomberg (2025). Bullish IPO: Tom Farley-Led Crypto Exchange Aims for $990 Million Raise. [online] Available at: https://www.bloomberg.com/news/articles/2025-07-28/bullish-crypto-exchange-led-by-tom-farley-aims-for-990-million-raise
[4] Yahoo Finance (2025). Bullish IPO: A Look at the Numbers. [online] Available at: https://finance.yahoo.com/news/bullish-ipo-look-numbers-171500694.html
Technology plays a significant role in the success of Bullish, a crypto exchange that recently completed an IPO, with a focus on investing in robust platforms for trading and security. This growing interest in regulated crypto exchanges is indicative of the broader maturation and acceptance of the industry, as more entities, such as BlackRock and ARK Investment Management, are becoming involved in financing these ventures.
