How Did Peter Thiel-Backed Crypto Exchange Bullish's IPO Go?

Key Points

• The Trump administration has provided major tailwinds for the crypto industry, with large-cap coins and tokens enjoying eye-catching gains this year. 
• Investors can increasingly gain exposure to crypto through the traditional equities market.
• The latest example is Bullish, a Peter Thiel-backed crypto exchange that had its IPO on Wednesday, Aug. 13.

It’s been a good year for the financials sector. Between President Trump’s deregulatory platform and the anticipation of the Federal Reserve cutting interest rates at its September meeting, financials have put together a strong performance. Its 8.55% year-to-date gain ranks fifth among all 11 sectors of the S&P 500. But that corner of the market is no longer reserved for banks, asset management companies, or payment processors. 

The Trump administration has been equally bullish for crypto. Since Inauguration Day, Bitcoin (BTC) is up 20.10%, XRP (XRP) is up 44.05%, and Ethereum (ETH) is up 48.33%. And with the crypto industry no longer in its infancy, investors are now afforded opportunities to gain exposure beyond hot and cold wallets. 

From spot ETFs like the iShares Bitcoin Trust ETF NASDAQ: IBIT to publicly traded centralized exchanges like Coinbase NASDAQ: COIN, crypto-themed investment vehicles are available via the traditional equities market. 

The latest opportunity came this week as Peter Thiel-backed Bullish NYSE: BLSH had its IPO on Aug. 6. The owner of CoinDesk will also provide a crypto exchange, serving as a competitor to Coinbase and Kraken (slated for its own IPO in 2026). When Bullish debuted at $37 on the NYSE on Wednesday morning, Aug. 13, shares reached $118 in intraday trading before settling with a single-day gain of 88.81% by the close, nearly doubling their IPO price tag. 

For speculative investors looking to add crypto exposure to their equity portfolios, it might be time to consider being bullish on Bullish. 

Why Peter Thiel’s Involvement Is a Big Deal

While 2025 has seen other crypto-themed IPOs with mixed success, those companies haven’t had the hype or name recognition Bullish has. eToro NASDAQ: ETOR went public on May 14 to far less fanfare. The stock is down over 25% since. Two days later, Galaxy Digital NASDAQ: GLXY IPO’ed. The stock’s up 52% since, but insiders have vacated shares to the tune of $186.22 million versus $0 in insider buying. Ditto for Circle Internet Group NYSE: CRCL, which went public on June 5. Circle’s up 42.21%, but insiders have offloaded $195.81 million versus $0 of insider buying. 

Of course, when companies have IPOs, early investors routinely cash in to take advantage of momentum and media attention. But what does Bullish bring to the table that those companies did not? The answer: Peter Thiel, cofounder of PayPal NASDAQ: PYPL, who served as its CEO until the fintech startup was sold to eBay NASDAQ: EBAY for $1.5 billion in 2002. 

In 2003, Thiel co-founded this year’s hottest stock, Palantir NASDAQ: PLTR. He served as its first chairman and continues to serve as a board member. He was also the first person to invest outside money in Facebook, and was an early investor in LinkedIn, Affirm NASDAQ: AFRM, Airbnb NASDAQ: ABNB, Asana NYSE: ASAN, Lyft NASDAQ: LYFT, Reddit NYSE: RDDT, SoFi Technologies NASDAQ: SOFI, SpaceX, Stripe, Yelp NYSE: YELP, and Words with Friends creator Zynga among a dozen other startups.

As of late, his attention has shifted to Bullish. After one failed attempt to go public in 2022 via an SPAC merger, Thiel sought to achieve a $4.82 billion valuation through Bullish’s now-successful 2025 IPO. 

How Bullish Differentiates Itself From Coinbase and Kraken

Since the crypto platform’s launch in 2021, Bullish has surpassed $1.25 trillion in trading volume, with an average daily volume of $2.6 billion, with trading volume in Q1 increasing by 78% from the year-ago quarter. That daily volume is ahead of both Coinbase and Kraken.

Bullish CEO Tom Farley is the former president of the NYSE, which may have contributed to the company’s focus on a particular breed of investor, as well as its listing on the NYSE rather than the NASDAQ. According to its SEC Form F-1 filing, Bullish is an "institutionally focused global digital asset platform focused on providing market infrastructure and information services…to provide mission-critical products and services that are designed to help institutions grow their businesses.”

Coinbase and Kraken, both of which cater to retail investors, have carved their niches in the centralized crypto exchange industry. But with Bullish focusing on large institutional clients, it has emphasized a tailored platform offering derivatives, margin trading, and spot trading, as well as a focus on security and compliance. 

Based on its SEC filing, Bullish recorded adjusted EBITDA of $52 million and $13 million for the year ended Dec. 31, 2024, and for Q1 2025, respectively. Adjusted net income was $10 million and $2 million, respectively. Of course, flush with IPO cash, those numbers should rapidly expand in the years ahead. Speculative investors should take note.