Bullish, a digital asset exchange supported by billionaire investor Peter Thiel, has filed confidentially with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO), according to sources cited by the Financial Times.
American investment bank Jefferies has been appointed as the lead underwriter for the offering. Bullish has not publicly commented on its plans.
Crypto IPO Wave
This move positions Bullish alongside a wave of cryptocurrency companies seeking to capitalize on renewed investor enthusiasm and a perceived friendlier regulatory environment under the current administration.
Previously attempting a SPAC listing in 2021, which collapsed amid market downturn and rising interest rates, Bullish is led by CEO Tom Farley, a former president of NYSE Group. Thiel, an early Bitcoin supporter, previously backed Trump’s 2016 campaign.
Success Inspires Bullish
Recent successes in the crypto IPO space appear to have emboldened Bullish. Circle’s stock surged 167% on its NYSE debut, exceeding its billion-dollar target.
Similarly, Gemini, founded by the Winklevoss brothers known for their support for President Trump and crypto-focused PACs, filed confidentially for a US listing on June 6th.
Social trading platform eToro also began confidentially trading on the Nasdaq following its IPO process.
Crypto Listings Outperform
Despite increased IPO activity, recent data shows crypto listings continue to outperform traditional stock market listings.
A CoinMarketCap report indicated the average ROI for tokens listed over the past 180 days on major exchanges exceeded 80%, surpassing major stock indexes.
Furthermore, 68% of crypto listings delivered a positive ROI in the period, compared to 54% for the NYSE and 51% for the Nasdaq.
