Bullish, a cryptocurrency exchange backed by billionaire investor Peter Thiel, has confidentially filed for an initial public offering in the United States, according to the Financial Times. The filing was reportedly submitted to the Securities and Exchange Commission in recent weeks. A confidential IPO process enables a company to begin its regulatory review without disclosing detailed financial information until it moves closer to listing. Jefferies is expected to lead the underwriting process, the report added. Bullish operates as a regulated and audited exchange, holding several Tier-1 licenses, according to its website.
The company previously attempted to go public in 2021 through a merger with a special purpose acquisition company (SPAC), but the deal did not proceed. In November 2023, Bullish expanded its footprint by acquiring crypto media outlet CoinDesk from Digital Currency Group. Its renewed IPO attempt comes shortly after Circle’s notable $1.1 billion debut, which saw its shares surge nearly 200% before closing lower at $105.91. Bullish's move reflects increased activity in public listings within the digital asset sector. While no formal announcement has been made, CFOs and financial executives are likely monitoring Bullish’s progress closely as a signal of investor sentiment in crypto-related markets.
