Crypto exchange Bullish confidentially filed for a U.S. initial public offering, the Financial Times reported Wednesday, citing people familiar with the situation.
The company aims to capitalize on renewed enthusiasm for digital assets driven by pro-crypto policy signals from the Trump administration and follows last week’s IPO of stablecoin issuer Circle (CRCL), whose shares soared 168% on the first day of trading.
The confidential filing with the Securities and Exchange Commission allows Bullish to prepare for a public listing while keeping financial details private for now. Jefferies will serve as lead underwriter, according to the Financial Times.
Bullish previously attempted to go public in a SPAC deal in 2021. The plan collapsed the following year amid market volatility. Bullish Exchange is a Gibraltar regulated trading platform.
This time, the IPO filing comes as bitcoin trades around $110,000 and crypto sentiment strengthens amid favorable regulatory tailwinds following the election of U.S. President Donald Trump.
The group is led by CEO Tom Farley, a former president of NYSE Group, and chaired by Brendan Blumer of Block.one. Thiel is a co-founder of PayPal (PYPL) and an early investor in Facebook, now Meta (META).
