Bullish, the crypto exchange backed by billionaire investor Peter Thiel, has confidentially filed for a US initial public offering, looking to take advantage of the growing interest in digital assets in a favorable political climate.
According to a report from the Financial Times, Bullish recently submitted paperwork to the Securities and Exchange Commission for its IPO. By filing confidentially, Bullish can keep its financial details private as it prepares for the offering, a common strategy for high-profile startups testing the market.
This is not Bullish’s first attempt at going public. The exchange previously tried to list through a special purpose acquisition company in 2021, but the deal fell through in 2022 due to declining tech valuations and rising US interest rates. Jefferies has been selected as the lead underwriter for the IPO.
Bullish has yet to comment on the filing at the time of this report.
The renewed push for an IPO from Bullish comes as the US crypto market has seen a resurgence under the administration of former President Donald Trump. The Trump administration has taken a more supportive stance on digital assets, reversing some of the restrictions put in place by President Joe Biden. Trump himself has expressed positive views on Bitcoin, despite previously criticizing it as a scam. His sons, Donald Jr and Eric, have also shown support for crypto at recent events.
The surge in Bitcoin prices, surpassing $100,000, has attracted significant investment in crypto-related offerings. Circle, a stablecoin issuer, raised $1.1 billion in its IPO last week and saw a 168% increase on its debut, marking the strongest first-day gain for a billion-dollar US listing, according to Renaissance Capital. Following this success, Gemini, the exchange founded by the Winklevoss twins, filed confidentially for a US IPO as well. The Winklevoss twins have been active supporters of Trump and advocate for crypto-friendly policies.
Bullish differentiates itself as a blockchain-native exchange with a focus on liquidity and tight spreads. CEO Tom Farley, formerly of the NYSE Group, leads the firm with the backing of Peter Thiel. With the support of key figures in finance and politics, Bullish aims to leverage the current climate of support for digital assets to achieve a successful listing on Wall Street.
The move by Bullish reflects a broader shift in the perception of cryptocurrencies, as regulators and investors become more open to integrating digital assets into traditional finance. This trend indicates a growing acceptance of cryptocurrencies in mainstream markets.
In conclusion, Bullish’s decision to file for a US IPO demonstrates the company’s confidence in the current market conditions and its positioning to capitalize on the growing interest in digital assets. The move aligns with a larger trend of acceptance and integration of cryptocurrencies into mainstream finance.