Crypto Exchange Bullish, Backed by Peter Thiel, Quietly Files for U.S. IPO
Bullish, the cryptocurrency exchange backed by billionaire investor Peter Thiel, has confidentially filed for an initial public offering (IPO) in the United States, according to a report from the Financial Times. The filing with the Securities and Exchange Commission (SEC) was reportedly submitted in recent weeks.
Confidential IPO filings allow companies to begin the listing process without revealing financial details until they are closer to launching on public markets. Jefferies is expected to act as the lead underwriter for the offering, sources familiar with the matter told the FT.
Bullish operates as a regulated global exchange with tier-1 licenses and undergoes regular audits, according to its official website. The firm made headlines in late 2023 after acquiring crypto media outlet CoinDesk from Digital Currency Group. This marks Bullish’s second attempt at going public—the company previously pursued a listing via a special purpose acquisition company (SPAC) in 2021, but the deal was eventually shelved.
The timing of Bullish’s renewed IPO bid comes on the heels of a standout debut by another crypto firm. Circle, the company behind the USDC stablecoin, went public last week in a $1.1 billion offering that saw its shares surge nearly 200% on the first day. Although Circle's stock has since pulled back—closing at $105.91 on Tuesday, down 8.1%—it remains well above its IPO price of $31, according to Yahoo Finance.
Bullish has not commented publicly on the filing. If successful, the IPO could mark a significant step for the company as it seeks to expand its presence in the competitive crypto trading space, especially amid a wave of renewed investor interest in digital asset firms.