Bullish, backed by Peter Thiel, files confidential IPO amid rising institutional demand and pro-crypto US policies - IcoHolder.
Bullish, the cryptocurrency exchange supported by billionaire investor Peter Thiel, has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The move comes amid rising investor confidence in digital assets and a shifting U.S. policy landscape that is becoming more supportive of the crypto industry, especially with former President Donald Trump voicing strong support.
Renewed IPO Bid After 2021 Setback
This marks Bullish’s second attempt to go public. In 2021, the company tried to enter the public markets through a SPAC merger, but the deal collapsed due to an unfavorable market climate and rising interest rates. Now, with improved conditions and Tom Farley, former NYSE Group president, at the helm as CEO, Bullish is preparing another IPO effort. Investment bank Jefferies is handling the underwriting, but additional details have not been disclosed.
An Institutional-Centric Platform
Bullish launched in 2021 with a $300 million capital injection from Thiel’s Founders Fund and other prominent investors. It was designed from the start to serve institutional traders rather than retail investors. With its high-performance trading infrastructure and deep liquidity, the exchange aims to cater to the growing needs of professional investors. It operates under regulatory oversight in Gibraltar.
Bullish Follows Hot IPO Trend in Crypto Sector
The exchange’s renewed IPO ambitions align with a broader trend of crypto companies entering public markets. Circle, the issuer of the USDC stablecoin, recently raised $1.1 billion in its IPO, with its stock jumping 167% on the first day. Gemini filed for a U.S. listing on June 6, and eToro went public on Nasdaq under the ticker ETOR on May 14. These developments reflect growing optimism and demand for crypto-related equities.
Crypto Outperforming Traditional Markets
A Cointelegraph report from April 3 highlighted crypto’s strong performance compared to traditional markets. Tokens listed on major exchanges showed an average return of 80% over 180 days, outpacing Nasdaq’s 51% and NYSE’s 54% in the same period. This data underscores investor appetite for digital asset exposure in public markets.
Political Tailwinds and Strategic Timing
Peter Thiel has consistently positioned Bullish as a central player in the crypto movement. Valued at $9 billion in 2021, the exchange’s institutional-grade model may give it an advantage in today’s regulatory and market environment. With Trump pushing for clearer crypto regulations and even suggesting the creation of a national Bitcoin reserve, institutional interest is growing. These political signals could further boost Bullish’s prospects.
Outlook for Bullish and the Crypto Market
With market sentiment improving, institutional capital returning, and pro-crypto rhetoric gaining momentum, Bullish appears well-positioned for a successful IPO. The current climate may offer the best opportunity yet for the exchange to establish itself as a major force in the evolving digital asset economy.
