Peter Thiel-Backed Bullish Files IPO Amid Crypto Resurgence

• Bullish has filed a confidential IPO with the SEC to explore a potential U.S. stock listing.
• Backed by Peter Thiel, Bullish eyes public debut as pro-crypto sentiment gains traction.
• The exchange previously attempted a SPAC listing in 2021 but didn’t complete the process.

Bullish, a crypto exchange backed by billionaire Peter Thiel, has quietly taken a major step toward going public. According to sources, the company recently filed confidential paperwork with the U.S. Securities and Exchange Commission. This filing allows Bullish to prepare for a public listing without revealing financial details upfront.

The confidential process lets companies explore IPO options before making full disclosures. Bullish’s move comes as the U.S. political climate appears to shift in favor of crypto. Some firms view this as an opportune time to go public.

Bullish operates as a regulated and audited platform with top-tier licenses. Jefferies is expected to lead the underwriting process, though no official date for the IPO has been disclosed. This is not Bullish’s first attempt at going public. In 2021, it planned to go public via a special purpose acquisition company (SPAC). That deal, however, did not come to fruition. This time, Bullish appears to be taking a more cautious and structured approach.

Tom Farley, the company’s CEO, leads a global team of over 275 employees. Bullish has offices in the United States, Hong Kong, Singapore, Gibraltar, and the Cayman Islands. The firm has been expanding its operations steadily since its launch. In November 2023, Bullish acquired the crypto media outlet CoinDesk from Digital Currency Group. The deal value was not disclosed. This acquisition gave Bullish a strong foothold in the crypto journalism and research sector.

Related: Circle Group Begins IPO Offering 24 Million Shares on NYSE

Bullish joins a growing list of crypto companies exploring public markets. Industry leaders believe that favorable policies in the U.S. could attract more investors. Many view this as a pivotal moment for crypto businesses seeking to gain mainstream adoption. Regulatory clarity and political direction could influence investor sentiment. Many in the cryptocurrency world are preparing for possible changes as they closely watch how the IPO unfolds.

The confidential filing keeps Bullish’s financial details private for now. More information will become public as the IPO process advances. Investors and industry watchers await the next move from the exchange.