Bullish, a crypto exchange backed by Peter Thiel and owner of CoinDesk, has filed a confidential IPO application with the SEC with Jefferies as lead underwriter.
After a setback in 2021, the company led by the former NYSE president is returning in a more favorable climate: a bull market rebound, regulatory easing, and Trump as a pro-crypto president.
Other players like Gemini, eToro, or Circle are also capitalizing on this momentum, with introduction performances often exceeding traditional IPOs.
Entering the Crypto Arena: Peter Thiel-Backed Platform Makes Moves
This is a strong comeback in the making for Bullish. The cryptocurrency exchange platform, owner of CoinDesk and backed by billionaire Peter Thiel, has discreetly filed for an initial public offering (IPO) with the US SEC. No official announcement, but according to the Financial Times, the bank Jefferies has already been appointed as the lead underwriter.
This move is significant. Bullish joins a new wave of crypto companies looking to benefit from market uptrends and a more crypto-friendly regulatory environment with Donald Trump’s return to the White House.
A Failed Attempt in 2021, a Better-Timed Move in 2025
Bullish is not new to this game. In 2021, the company attempted to go public via a SPAC. The result: the operation was canceled due to a cautious market and rising interest rates. But the landscape has changed. The bull run is back, tech stocks are soaring, and attitudes towards cryptos are softening in Washington.
It is in this context that Bullish is revving up the engine. And it’s not alone.
A Crypto IPO Wave: Ripple Effect or Sector Renaissance?
Since early May, announcements have been pouring in. Gemini exchange, founded by the Winklevoss twins, has also submitted a confidential filing. And social trading platform eToro made its debut on the Nasdaq under the symbol ETOR. Meanwhile, Circle surprised by raising $1.1 billion and seeing its stock soar by 200% on its first trading day.
The recent successes are inspiring. Bullish aims to ride this wave to secure its spot.
Why this enthusiasm? Because crypto IPOs show much better performances than those of traditional companies.
An Explosive Mix: Traditional Finance, Crypto, and Politics
At the helm of Bullish is Tom Farley, former president of the NYSE Group. And behind the funding, a certain Peter Thiel. The libertarian entrepreneur, PayPal pioneer, and avid Bitcoin supporter had backed Trump’s 2016 campaign. A team designed to appeal to the American economic right, at a time when crypto regulation clearly tilts in their favor.
