Peter Thiel-Backed Bullish Targets $4.2 Billion IPO

A crypto exchange backed by billionaire Peter Thiel is making moves toward Wall Street. Bullish, the digital asset trading platform, is aiming for a U.S. IPO that would value the company at over $4.2 billion, according to a report from Reuters. This comes months after we first reported about the preparations having started.

Good to know

• Bullish plans to raise up to $629 million by offering 20.3 million shares at $28–$31 each.
• A portion of the funds will be allocated to U.S. dollar-backed stablecoin investments.
• The move follows major crypto treasury news from another Thiel-backed company, BitMine.

Bullish has submitted plans for its public offering, targeting a valuation of $4.23 billion. The exchange is known for its deep liquidity model and hybrid order book system that blends traditional finance mechanics with blockchain transparency.

Part of the capital raised is expected to support stablecoin strategies, which have become a central component of liquidity and payments in the crypto ecosystem.

Meanwhile, fellow Thiel-backed firm BitMine is making headlines of its own. The company has reportedly amassed over $3 billion worth of Ethereum (ETH), positioning it as the largest ETH treasury holder globally.

Tom Lee, founder of Fundstrat and now BitMine’s chairman, said the company aims to stake and hold 5% of Ethereum’s total supply, likening its strategy to MicroStrategy’s aggressive Bitcoin play. MicroStrategy, which recently rebranded as Strategy, currently holds over 601,000 BTC—about 2.87% of all Bitcoin in circulation.

Lee explained the thinking behind BitMine’s approach:

“Among Bitcoin treasury companies, we have witnessed the reflexive benefit of acquiring large holdings… Such sizable holdings have created a ‘sovereign put’ for the company… Similarly, ETH treasuries, which accumulate 5% of ETH supply, can benefit from a similar ‘Wall Street put.’”