In brief
The route back to Wall Street’s public markets appears to be reopening for some prominent crypto businesses.
Crypto exchange Bullish has submitted paperwork for an initial public offering (IPO) to the Securities and Exchange Commission (SEC), according to a report from the Financial Times citing undisclosed sources familiar with the matter.
This marks the exchange’s second attempt at a public listing, following a $9 billion special purpose acquisition company (SPAC) merger that ultimately fell through in 2022 due to prevailing market conditions.
Now, Bullish is attempting to take another swing, amplified by a favorable political climate, potentially with President Donald Trump’s recent election being a catalyst.
That improved backdrop for crypto assets is certainly having an effect, with Bitcoin stabilizing above the $110,000 level recently.
Bullish’s move aligns with a notable trend currently reshaping the cryptocurrency landscape: significant crypto companies surprising Wall Street commentaries.
Last week, competitor Circle generated considerable market interest with an explosive debut on the NYSE, raising more than $1.1 billion and its stock rocketing to 347% in its debut days.
This performance against skeptical Wall Street observers has only ramped up the appetite and curiosity regarding other major crypto enterprises planning their own public debuts.
Bullish operates a blockchain-based exchange and notably acquired the well-known crypto media firm CoinDesk in 2023. Its leadership is helmed by CEO Tom Farley, a veteran previously serving as the president of NYSE Group at Intercontinental Exchange from 2014 to 2018.
Bullish did not immediately respond to Decrypt’s request for comment.
