Bullish, the cryptocurrency exchange supported by Peter Thiel, submits paperwork to list on the NYSE.

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<p>Peter Thiel, co-founder of PayPal, Palantir Technologies, and Founders Fund, holds hundred dollar bills as he speaks during the Bitcoin 2022 Conference at Miami Beach Convention Center on April 7, 2022 in Miami, Florida. Marco Bello | Getty Images</p>

<p>The Peter Thiel-backed cryptocurrency exchange Bullish filed for an IPO on Friday, marking it as the latest digital asset firm to enter the public market. The company, led by CEO Tom Farley, a veteran of the finance industry and former president of the New York Stock Exchange, plans to trade on the NYSE under the ticker symbol "BLSH."</p>

<p>A spinout of Block.one, Bullish began with initial investments from backers including Thiel's Founders Fund and Thiel Capital, alongside Nomura, Mike Novogratz, and others. In 2023, Bullish acquired a prominent crypto news platform.</p>

<p>"In the first quarter of 2025, Bullish exchange executed over $2.5 billion in average daily volume, ranking in the top five exchanges by spot volume for Bitcoin and Ether," the company stated on its website. The prospectus identified its main competitors as Binance, Coinbase, and Kraken.</p>

<p>The IPO filing indicates that as of March 31, total trading volume since launch has surpassed $1.25 trillion. This filing marks another significant stride for the cryptocurrency industry, which has been striving for years to establish digital assets as credible investments.</p>

<p>This year has already been notable for crypto offerings, with stablecoin issuer Circle experiencing a rise of more than sevenfold since its IPO in June. An online trading platform catering to crypto investors debuted in May, while Novogratz's crypto firm Galaxy Digital transitioned its listing to Nasdaq in that same month. Furthermore, June saw the cryptocurrency exchange and custodian founded by Cameron and Tyler Winklevoss confidentially file for an IPO in the U.S.</p>

<p>Meanwhile, investor interest in Bitcoin continues to grow, with the digital currency trading at over $117,000, up from around $94,000 at the start of the year. President Donald Trump recently signed the GENIUS Act into law—a set of regulations aimed at establishing initial consumer protections surrounding stablecoins, which are tied to assets like the U.S. dollar to mitigate price volatility often seen in cryptocurrencies.</p>

<p>In its SEC filing, Bullish expressed its mission to "drive the adoption of stablecoins, digital assets, and blockchain technology." Key figures in the crypto industry, including Thiel, Elon Musk, and President Trump's AI and Crypto czar David Sacks, have made substantial investments to support the re-election of Trump and advocated for legislation that legitimizes digital assets and exchanges.</p>

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