Bullish, a cryptocurrency exchange supported by billionaire investor Peter Thiel, has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), according to the Financial Times.
The filing was made in recent weeks as Bullish aims to take advantage of renewed investor interest in digital assets under the current U.S. administration.
Bullish is a unit of Block.one, a blockchain software company. The exchange had previously tried to go public through a special purpose acquisition company (SPAC) deal in 2021, but the plan collapsed in 2022 due to regulatory challenges and rising interest rates that unsettled the stock market.
The Trump administration has taken a more lenient approach to cryptocurrency regulation compared to the previous Biden administration. This softer stance has included the SEC dropping several investigations, which has encouraged crypto firms like Bullish to pursue public listings.
Bullish’s move follows similar confidential IPO filings by other crypto exchanges, including Gemini, run by billionaire twins Tyler and Cameron Winklevoss. The trend reflects growing optimism and a friendlier regulatory environment for crypto companies in the U.S.
Bullish has not yet commented publicly on the filing. Jefferies, an American investment bank, is reportedly the lead underwriter for the IPO. The company is led by CEO Tom Farley, a former president of the New York Stock Exchange Group.
Recent successful crypto IPOs, such as Circle’s $1.1 billion public debut and eToro’s Nasdaq listing, have likely encouraged Bullish’s decision to go public. These events highlight increasing investor demand for crypto stocks amid a recovering market.
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