Bullish, a crypto exchange backed by Peter Thiel, has confidentially filed for an IPO in the United States. The filing with the SEC comes amid renewed investor interest in crypto IPOs following Donald Trump’s favorable stance toward digital assets. The IPO move signals Bullish’s renewed push into public markets after a failed listing attempt in 2021.
Bullish Moves Ahead With U.S. IPO Plans
According to sources familiar with the matter, Bullish submitted its paperwork to the SEC in recent weeks. The company has not disclosed its targeted valuation or the amount it seeks to raise. Jefferies will act as the lead underwriter for the offering.
This IPO marks Bullish’s second public listing effort. The first attempt was scrapped in 2022 due to weak market conditions. That deal, structured through an SPAC, had aimed for a $9 billion valuation and $600 million in funding. The company backed out as rising interest rates battered the market.
Bullish launched operations in December last year, catering to institutions and eligible users across Asia-Pacific, Europe, Africa, and Latin America. It holds a regulatory license in Gibraltar and maintains its headquarters there. The firm focuses on deep liquidity and price discovery for digital assets.
Bullish Builds Momentum Through Strategic Moves
In 2023, Bullish purchased CoinDesk, one of the largest crypto-oriented publications, to increase its presence in the market and the media. The acquisition made Bullish a multidimensional participant in the digital asset ecosystem. The company will combine trading infrastructure and media expertise to drive institutional adoption.
Notable investors in Bullish are Peter Thiel, Alan Howard, and Louis Bacon. The support highlights the trust in Bullish’s leadership and business concept during the current rescue of the crypto industry. The company has fresh momentum and is considering venturing into the public markets as the valuations are looking better.
Bullish’s IPO aligns with a broader trend of digital asset firms moving toward public listings. It is also indicative of greater regulatory certainty and optimism towards U.S. crypto policies under the new administration, which have provided good conditions to IPOs throughout the sector.
Crypto IPO Market Heats Up Again
The recent initial public offerings of several crypto-related firms with solid results have revived interest in blockchain stocks. Circle raised $1.1 billion in its IPO, and the shares jumped 168% on the first day. This was the biggest one-day gain by a billion-dollar IPO in the U.S.
eToro likewise had a public listing, attaining a valuation of $4.2 billion in an oversubscribed deal. The company’s other substantial revenue source is crypto trading, which remains in demand amongst retail and institutional investors. Its IPO contributes to the buzz relating to blockchain-related activity in the public markets.
Other crypto companies looking at IPOs include Gemini, Ripple, Kraken, and Consensys, as market sentiment improves. Bullish joins this group, positioning itself to capture investor interest and regulatory openness. With Jefferies leading its IPO, Bullish plans to meet institutional demand head-on.
FAQs
What is Bullish?
Bullish is a Gibraltar-based cryptocurrency exchange offering trading services for institutions and eligible users in several global markets.
Who backs Bullish?
Bullish is backed by billionaire Peter Thiel, along with hedge fund managers Alan Howard and Louis Bacon.
When did Bullish launch?
Bullish officially launched its services in December of the previous year and has since expanded its footprint globally.
Why did Bullish’s first IPO fail?
Bullish canceled its 2021 SPAC deal due to unfavorable market conditions and rising interest rates in 2022.
Who is the underwriter for Bullish’s IPO?
Jefferies has been selected as the lead underwriter for the IPO of Bullish.
Glossary of Key Terms
IPO – Initial Public Offering: When a company offers shares to the public for the first time.
SPAC – Special Purpose Acquisition Company; used for taking companies public through mergers.
SEC – Securities and Exchange Commission; the U.S. regulatory body overseeing securities markets.
Crypto Exchange – A platform where users can buy, sell, and trade cryptocurrencies.
Underwriter – A financial firm managing the IPO process, including setting price and marketing shares.
References:
For advertising inquiries, please email . [email protected] or Telegram
