Bullish, backed by Peter Thiel, has filed confidentially for a U.S. IPO, with Jefferies as lead underwriter.
The IPO comes amid a broader revival in the crypto market, helped by favorable political signals and successful listings like CRCL.
Bullish’s previous $9B SPAC deal collapsed in 2021, making this IPO a second chance for public market entry.
Bullish, which is funded by billionaire investor Peter Thiel, has filed for an initial public offering (IPO) in the United States confidentially. The exchange is proceeding to take advantage of revived interest in digital assets in the wake of a broader comeback in the crypto market, as reported by a Financial Times report on Tuesday.
The IPO filing has been filed recently with the U.S. Securities and Exchange Commission (SEC), having named Jefferies as its lead underwriter, marking a significant move into public markets by Bullish. Although the company hasn’t revealed publicly its finances or its targets for valuation, the fact that the filing remains confidential provides it an opportunity to gauge investor interest without undergoing the scrutiny of instant public attention.
This is not the first effort by Bullish to go public. The firm previously attempted to go public through a Special Purpose Acquisition Company (SPAC) merger in 2021. That transaction, worth $9 billion for Bullish, was subsequently withdrawn as a result of market volatility and increasing interest rates, demonstrating the volatile nature of both the capital and crypto markets at the time.
Now, Bullish believes a new window of opportunity is opening, boosted by better investor sentiment and positive policy cues from the campaign of former President Donald Trump, which has grown more sympathetic to pro-crypto rhetoric. The political wind in its back is assisting the industry in recovering faith after a year marked by market crises and regulatory clampdowns.
Leadership and Market Position
Bullish is headed by Tom Farley, the ex-president of the New York Stock Exchange (NYSE). In his time at the helm, the platform has been dedicated to providing deep liquidity and affordable trading via its blockchain exchange. These features have made Bullish a firm player among institutional and retail cryptocurrency traders looking for stability and efficiency in digital asset markets.
The platform promotes itself as a “regulated exchange built for a new era of finance,” blending traditional market structures with the transparency of blockchain technology.
Crypto IPO Momentum Grows
Bullish’s IPO bid follows the successful public debut of stablecoin issuer Circle Internet Financial (NYSE: CRCL), which recently launched its IPO to significant market attention. However, despite the buzz, some investors and analysts are questioning CRCL’s valuation.
As per InvestingPro’s AI-driven analysis, CRCL is not as underpriced as widely assumed, and other gems in the crypto universe may present better upside. However, its IPO has set the stage for the revival of enthusiasm surrounding crypto listings.
The crypto IPO pipeline appears to be reawakening, and Bullish’s entry into the fray may set the tone for additional blockchain and fintech firms to explore public listings in 2025.
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