Peter Thiel's Crypto Exchange Bullish Plans IPO Listing as Market Surges

The cryptocurrency exchange Bullish has taken a significant step toward going public in the United States, capitalizing on heightened investor enthusiasm for crypto assets under the Trump administration. According to sources at the Financial Times, the Peter Thiel backed company recently submitted a confidential filing with the Securities and Exchange Commission for an initial public offering. This move positions Bullish to leverage the current favorable climate for crypto related businesses, driven by supportive policies and a booming crypto market.

Confidential filings allow companies to advance their listing preparations discreetly before disclosing financial details closer to the public offering date. Bullish previously attempted to go public in 2021 through a merger with a special purpose acquisition company. That deal collapsed in 2022 amid a broader market downturn triggered by rising U.S. interest rates. Now, with Jefferies serving as the lead underwriter for the planned IPO, Bullish is poised to navigate a revitalized market landscape.

Crypto Market Revival Fuels IPO Momentum

The Trump administration’s pro-crypto stance has significantly boosted the digital asset sector, with Bitcoin surpassing $100,000 and renewed activity in the U.S. IPO market. Unlike the regulatory crackdowns seen during the Biden administration, President Donald Trump has promised policies that foster innovation in the crypto space. This shift has spurred a wave of crypto related listings, revitalizing an IPO market that had experienced a sluggish start earlier in the year. Bullish’s filing reflects a broader trend of crypto firms seeking to capitalize on this momentum.

A recent example is Circle, a stablecoin operator that raised $1.1 billion in its IPO last week, far exceeding expectations. The company’s stock surged 168% with its Wall Street debut, marking the largest first-day gain for a billion-dollar U.S. listing. This success has inspired other crypto firms, including Gemini, the crypto exchange led by Cameron and Tyler Winklevoss, which also confidentially filed for a U.S. listing last Friday. The Winklevoss twins, who supported Trump’s campaign and a crypto focused political action committee, are among the industry leaders driving this wave of public offerings.

Bullish, which prides itself on offering deep market liquidity and competitive spreads, is led by CEO Tom Farley, a former president of the NYSE Group. The exchange’s connection to influential figures like Thiel, a known Trump supporter, further aligns it with the current administration’s crypto friendly agenda. As investor confidence in crypto assets continues to grow, Bullish’s IPO could mark another milestone in the crypto industry’s integration into mainstream financial markets.

The timing of Bullish’s filing suggests a strategic effort to seize the current market opportunity. With Bitcoin’s price soaring and public interest in crypto assets at a high, the exchange aims to establish itself as a key player in the evolving digital economy. While details of the IPO remain under wraps, the involvement of Jefferies and Bullish’s strong industry backing signal a well-prepared approach. As the crypto sector continues to gain traction, Bullish’s public debut could set the stage for further growth and innovation in the market.