Cryptocurrency exchange Bullish, backed by Peter Thiel, has submitted a confidential filing for a U.S. initial public offering (IPO) with the Securities and Exchange Commission, as reported by Financial Times. The move reflects Bullish’s intent to capitalise on growing investor appetite for digital assets under a more crypto-friendly U.S. administration. Jefferies has been appointed as the lead underwriter.
A Second IPO Attempt
Bullish previously pursued a public listing in 2021 via a special purpose acquisition company (SPAC) merger, but the plan collapsed in 2022. The withdrawal followed a combination of rising U.S. interest rates and tightening regulatory oversight under the Biden administration. This time, Bullish prefers the traditional IPO route with confidential SEC documentation designed to delay financial disclosures until closer to the market debut.
The company’s IPO comes amid a torrent of crypto-related listings. Circle Internet, the issuer of the stablecoin USDC, raised $1.1 billion last week, and its shares surged by 168% on the first day—marking record performance for a U.S. billion-dollar IPO. Encouraged by this surge, other crypto firms such as Gemini—run by the Winklevoss twins—have also submitted confidential IPO filings.
This renewed momentum parallels the Trump administration’s shift in stance toward digital assets. Regulatory rollbacks and overt support—including the appointment of a crypto “czar” and proposals for a Bitcoin reserve—have boosted confidence. Bitcoin’s price has responded, climbing above $100,000.
Strong Leadership and Trading Depth
Bullish promotes itself as a blockchain-native exchange with “market-leading order depth and consistently tight spreads.” Its chief executive, Tom Farley, previously served as president of the NYSE Group. The platform is a subsidiary of Block.one, overseen by CEO Brendan Blumer.
Bullish benefits from the tangled web of politics and crypto. Peter Thiel, a major investor, was an early donor to Trump’s campaign. Similarly, the Winklevoss twins—connected to Gemini’s IPO—have also supported Trump politically and backed pro-crypto political action committees. Trump’s renewed openness to crypto assets has changed the confidence landscape for digital-asset businesses.
The present wave of IPOs indicates strong investor demand for crypto firms, but it also revives memories of the 2021 boom and bust. Experts caution that while the initial euphoria is powerful, crypto markets remain volatile and sensitive to regulatory shifts. Success in the public market will hinge on these companies’ ability to sustain growth and profitability amid rapid price movements.
