Crypto Exchange Bullish Quietly Files for U.S. IPO Amid Renewed Market Optimism
Peter Thiel-backed cryptocurrency exchange Bullish has reportedly filed confidentially for an initial public offering (IPO) in the United States, according to the Financial Times. The move comes amid a renewed wave of investor interest in digital assets, potentially signaling a rebound in the sector. Bullish submitted its IPO filing to the U.S. Securities and Exchange Commission (SEC) in recent weeks, marking a strategic step for the firm, which had previously attempted to go public via a different route.
Bullish is a unit of Block.one, a blockchain software company. Its earlier attempt to go public in 2021 through a special purpose acquisition company (SPAC) deal ultimately collapsed in 2022. That failure was attributed to a tightening regulatory environment and sudden hikes in interest rates, which collectively unsettled the equities market and curbed investor appetite for risky assets like cryptocurrencies.
The timing of the filing is notable, as it coincides with what some view as a more favorable regulatory climate under the Trump administration. The SEC has recently scaled back several investigations into crypto firms, and broader government sentiment appears more supportive of the digital asset industry. This shift could pave the way for a new wave of IPOs among crypto-focused companies.
Bullish’s confidential filing follows a similar move by Gemini, another cryptocurrency exchange operated by Tyler and Cameron Winklevoss. Like Bullish, Gemini has also disclosed its plans for a U.S. IPO, highlighting a trend of prominent crypto firms seeking public listings after a prolonged downturn in the market.
Bullish has yet to issue a public statement regarding the IPO filing, and Reuters was unable to independently verify the report from the Financial Times. However, the renewed IPO activity reflects growing confidence within the crypto sector, particularly in light of shifting regulatory winds and resurgent investor enthusiasm for blockchain technologies.
Source: Reuters