Bullish Global May Go Public in 2025 as Crypto Markets Rebound: Bloomberg

Bullish Global Eyes IPO for 2025 as Crypto Market Gains Momentum

Crypto exchange Bullish Global is exploring the possibility of going public in 2025, according to Bloomberg sources familiar with the matter. The company, backed by Block.one and its notable investors, including Peter Thiel, is working with Jefferies Financial Group to consider an initial public offering (IPO).

The decision to revisit the IPO comes as the broader cryptocurrency market experiences a strong rally, spurred by the surge in bitcoin and other digital asset prices following Donald Trump’s victory in the U.S. presidential election. Since November, the total value of the crypto market has jumped from $2.2 trillion to $3.15 trillion.

Under CEO Tom Farley, Bullish employs more than 275 people worldwide, including in key locations such as Hong Kong, the U.S., and Europe. The exchange is a subsidiary of Block.one, a blockchain software company co-founded by Brendan Blumer, who serves as chairman of Bullish. With over $10 billion in assets, Bullish had initially planned to go public via a SPAC merger in 2021, but those plans were abandoned the following year.

Now, with the crypto market gaining significant momentum, Bullish is reengaging in IPO talks, considering additional banking partners for the potential listing.

Neither Bullish nor Block.one provided comments when contacted, and Jefferies also declined to make a statement.