Bullish, the digital asset exchange supported by tech billionaire Peter Thiel, is taking a major step toward entering the public market. The company has confidentially filed with the U.S. Securities and Exchange Commission for an Initial Public Offering, according to sources cited by the Financial Times.
This move positions Bullish within a growing wave of cryptocurrency firms looking to capitalize on rising investor enthusiasm and a favorable regulatory environment under U.S. President Donald Trump.
The digital asset exchange has engaged Jefferies, an American investment bank, as the lead underwriter for the IPO, though the company has yet to release an official statement about the filing. Bullish's confidential filing marks an important milestone for the company and a significant moment for the cryptocurrency industry as a whole, signaling that crypto-related businesses are eager to tap into public markets after a period of uncertainty.
Bullish’s move to file for an IPO comes at a time when the crypto market has shown signs of recovery, fueled by optimism and a more accommodating regulatory stance under the Trump administration. Over the past few months, several cryptocurrency companies have taken similar steps, eyeing public listings to gain access to capital markets, expand their market share, and increase visibility.
For Bullish, the decision to go public is inspired by recent successes in the cryptocurrency IPO space. Circle, the issuer of the USDC stablecoin, raised $1.1 billion in its IPO last week, significantly exceeding initial expectations. The company’s public debut resulted in an impressive 167% surge in its stock price on the first day of trading, a performance that helped boost confidence in crypto IPOs.
Similarly, Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has also filed confidentially for an IPO, signaling more interest in public offerings within the industry. Gemini, like Circle, has been a significant player in the cryptocurrency market, making its own debut in the coming months highly anticipated. The Winklevoss twins, known for their political ties to Trump, have long supported cryptocurrency and have backed political action committees focused on advancing crypto-friendly legislation.
On May 14, social trading platform eToro also debuted on the Nasdaq under the ticker ETOR, marking another success story for crypto companies seeking public listings. This wave of successful crypto IPOs has encouraged companies like Bullish to follow suit, further emphasizing the maturing nature of the cryptocurrency sector.
Bullish’s Previous IPO Attempt and the Resurgence of Crypto
Bullish’s IPO filing is not the company’s first attempt to go public. In 2021, Bullish sought to enter the market through a special purpose acquisition company deal, a popular route for private companies looking to list without going through a traditional IPO. However, the SPAC deal was ultimately unsuccessful due to a downturn in the markets, worsened by rising interest rates and an increasingly uncertain global economic environment.
The failure of the SPAC route was a setback for Bullish, but it is now seizing the opportunity presented by the current crypto market resurgence. With market conditions improving and investor confidence growing, particularly in light of Bitcoin's price surges and the continued adoption of cryptocurrencies, Bullish believes it can succeed in its latest bid to go public.
Bullish is led by Tom Farley, former president of the New York Stock Exchange (NYSE), bringing significant Wall Street experience to the crypto space. His leadership at Bullish strengthens the company's position as a credible player in the digital asset market, particularly as the company seeks to attract institutional investors.
Why Investors Are Watching Bullish
The surge in crypto IPOs and the increased interest from institutional investors reflect broader trends in the market. As Bitcoin and other cryptocurrencies gain popularity, more traditional financial institutions are seeing the value in digital assets. Crypto companies are following the lead of technology firms in seeking public markets as a way to raise capital, expand their businesses, and gain greater legitimacy in the eyes of mainstream investors.
One key reason why crypto IPOs have gained so much attention is the potential for high returns. According to data from CoinMarketCap, the average return on investment (ROI) for tokens listed on major exchanges has exceeded 80% over the past 180 days.
This performance is far superior to that of major stock indexes, such as the Nasdaq and Dow Jones, which have experienced more modest returns during the same period. Notably, 68% of crypto listings have delivered positive ROI, outperforming traditional stock exchanges, where only 54% of NYSE listings and 51% of Nasdaq listings have shown similar returns.
This strong performance has emboldened more crypto firms, including Bullish, to make their move toward IPOs. The rise of cryptocurrency has drawn increasing attention from traditional investors seeking higher returns, and public listings are viewed as a way for crypto firms to solidify their position in the market.
Bullish’s Role
Bullish offers a range of services aimed at facilitating trading and liquidity provision in the crypto space. The exchange is known for its high-performance infrastructure, which is designed to provide a seamless trading experience for both retail and institutional investors. The company is particularly focused on providing liquidity for larger players in the market, positioning itself as a trusted platform for institutional trading.
Unlike some other exchanges that focus primarily on retail customers, Bullish has sought to differentiate itself by offering enterprise-grade services for large investors. This includes enhanced security features, institutional-grade liquidity, and advanced trading tools designed for professional traders and financial institutions. By focusing on institutional adoption, Bullish is tapping into a segment of the market that has the potential to significantly increase the overall size of the crypto market.
Additionally, the Peter Thiel-backed company has emphasized its commitment to building long-term relationships with its clients and maintaining a strong regulatory compliance framework. This strategy has resonated with institutional investors who are increasingly concerned about regulatory uncertainty in the crypto space.
The Future of Bullish
Bullish’s filing for an IPO marks an important step for the company, but it also signals the growing trend of crypto exchanges and platforms seeking public listings. As more companies in the crypto space look to go public, the sector is poised for greater legitimacy and institutional adoption.
Despite the regulatory challenges and the volatile nature of the cryptocurrency market, the success of recent IPOs such as Circle and eToro demonstrates the increasing acceptance of digital assets by mainstream investors. If Bullish’s IPO is successful, it could pave the way for other crypto companies to follow suit, leading to a broader shift in how the traditional financial world views cryptocurrencies.
For investors, the upcoming Bullish IPO offers a unique opportunity to gain exposure to the growing crypto market. As the industry matures and becomes more institutionalized, companies like Bullish are well-positioned to capitalize on the continued rise of digital assets.