Is Peter Thiel’s Bullish Crypto Exchange About to Shake Up Wall Street with Its Bold IPO Move?
Ever wonder what happens when a crypto exchange not only survives but thrives long enough to file for an IPO? Bullish, the Peter Thiel-backed crypto platform, is throwing its hat in the ring with a formal US IPO filing, signaling a rare win in the often turbulent crypto waters. With $302 million in revenue and a $150 million net income reported in 2023, Bullish isn’t just another startup—they’re one of the few profitable crypto exchanges ready to go public. Sitting on $874 million in cash and managing $2.4 billion in customer assets, this Block.one subsidiary is making a bold bet on the US market amid improving regulatory clarity. Is Bullish setting a new standard for crypto exchanges aiming for Wall Street? Let’s dive into the details and what this means for the future of institutional crypto trading. LEARN MORE.
Crypto exchange Bullish seeks to go public with $874M in cash, highlighting stable revenue and low trading fees as it positions for US growth.

Key Takeaways
- The SEC filing confirms a June FT report that Bullish had submitted IPO paperwork confidentially.
- Bullish generated $302 million in revenue and $150 million in net income in 2023.
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Peter Thiel-backed crypto exchange Bullish has filed for a US initial public offering, according to an SEC Form F-1 submitted Friday. The filing confirms a June report by the Financial Times that Bullish had confidentially submitted IPO paperwork to the SEC.
Founded in 2021, Bullish reported $302 million in revenue and $150 million in net income for 2023, making it one of the few profitable crypto platforms pursuing a public listing.
The Block.one subsidiary holds $874 million in cash and $2.4 billion in customer assets. It also manages a treasury with $963 million in Bitcoin, $1 billion in EOS, and nearly $400 million in USD. The exchange operates under a regulatory license in Bermuda and plans to expand in the US.
The IPO arrives amid improving US crypto sentiment, with new legislation like the GENIUS Act and clearer signals from the SEC. Bullish is positioning itself to gain market share with transparent infrastructure and regulated services aimed at institutions.
Backed by Thiel, Galaxy Digital, and hedge fund names like Louis Bacon and Alan Howard, Bullish previously scrapped a SPAC merger with Far Peak Acquisition in 2022.
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