Peter Thiel-backed Bullish skyrockets in NYSE debut to $13.2b

Bullish, a cryptocurrency exchange operator backed by Peter Thiel, reached a valuation of about US$13.2 billion after its shares jumped over 143% in their NYSE debut on August 13, 2025.

The stock opened at US$90, up from its IPO price of US$37.

Earlier this year, the parent of CoinDesk raised US$1.1 billion in an IPO, valuing that company at US$5.4 billion, but this was not related to Bullish.

The listing is one of the few by a crypto-exchange in the US, following Coinbase.

Bullish targets institutional clients and is close to securing a BitLicense in New York, which would allow it to operate in the state.

The company plans to convert a large portion of its IPO proceeds to stablecoins.

Other cryptocurrency firms, including Gemini and Grayscale, have also confidentially filed for US listings.

Bullish’s CEO, Tom Farley, was previously president of the NYSE.

🔗 Source: Reuters

🧠 Food for thought

1️⃣ Institutional-focused exchanges target steadier revenue than retail giants

Bullish’s $13.16 billion valuation represents a fundamentally different business model from retail-focused crypto exchanges like Coinbase.

While Coinbase went public in April 2021 with a $47 billion valuation built on serving over 100 million retail users1, Bullish specifically targets institutional clients seeking “more stable, recurring revenue than exchanges reliant on retail volumes, which tend to be cyclical and sentiment-driven”2.

This institutional approach reflects lessons learned from Coinbase’s experience, where trading revenues fluctuate dramatically with market sentiment and retail investor behavior.

Bullish’s leadership pedigree supports this strategy, with CEO Tom Farley’s background as former NYSE president providing credibility that “can be a differentiator in securing institutional mandates”2.

The company’s focus on compliance, including pursuing a BitLicense in New York with strict know-your-customer and anti-money laundering requirements, demonstrates the operational discipline institutional clients demand.