Crypto Exchange Eyes U.S. IPO as Investor Enthusiasm for Digital Assets Grows: FT

Bullish, the cryptocurrency exchange, has confidentially submitted paperwork to the U.S. Securities and Exchange Commission (SEC) for an initial public offering, according to sources cited by the Financial Times.

The filing signals the company’s intent to go public amid renewed enthusiasm for digital assets, spurred by the Trump administration’s favorable stance on crypto regulation. This move follows the recent successful IPO of stablecoin issuer Circle (CRCL), which saw its shares jump 168% on debut.

The Financial Times report did not specify whether the filing covers Bullish Exchange itself or its parent entity, Bullish Group, which is backed by investor Peter Thiel and also owns CoinDesk.

By choosing a confidential SEC filing, Bullish can quietly prepare for a public listing while keeping its financial data private at this stage. Jefferies has been appointed as the lead underwriter for the offering.

Bullish had previously sought to go public via a SPAC deal in 2021, but the effort was abandoned in 2022 amid market volatility. The exchange is regulated under Gibraltar jurisdiction.

This IPO application comes as bitcoin holds steady near $110,000 and crypto market optimism grows, supported by pro-crypto regulatory signals from the current U.S. administration.

The company is headed by CEO Tom Farley, a former NYSE Group president, and chaired by Brendan Blumer of Block.one. Peter Thiel, known for co-founding PayPal and early investments in Facebook (Meta), remains a key backer.

Jefferies declined to comment to the Financial Times, and Bullish had not responded to inquiries at the time of reporting.