Bullish, a crypto exchange backed by Peter Thiel, has confidentially filed for an IPO with the U.S. Securities and Exchange Commission, sources told the Financial Times.
The move comes amid growing optimism in digital assets, fueled by the Trump administration’s crypto-friendly regulatory approach. This follows the high-profile public debut of stablecoin issuer Circle (CRCL), which saw its shares surge 168% on the first trading day.
It remains unclear whether the filing covers Bullish Exchange directly or its parent company, Bullish Group, which also owns CoinDesk. The confidential filing enables Bullish to prepare for a public offering while keeping financial details under wraps. Investment bank Jefferies is set to lead the underwriting.
Bullish previously attempted a public listing via a SPAC deal in 2021, but that plan fell apart in 2022 due to volatile market conditions. The exchange operates under Gibraltar regulation.
The IPO announcement coincides with bitcoin trading near $110,000 and a strengthening crypto market sentiment, buoyed by recent pro-crypto policy signals from the U.S. government.
Bullish’s leadership team includes CEO Tom Farley, formerly president of NYSE Group, and chairman Brendan Blumer from Block.one, with Thiel as a major investor.
Neither Bullish nor Jefferies commented at the time of the report.
