Bullish, a cryptocurrency exchange backed by billionaire investor Peter Thiel, has confidentially filed for an initial public offering (IPO) in the United States, signaling renewed optimism in the digital asset sector after a challenging period of volatility and regulatory scrutiny.
According to sources familiar with the matter, the exchange submitted its IPO registration documents to the U.S. Securities and Exchange Commission (SEC), though specifics regarding the timing, valuation, and terms of the offering have not yet been made public.
Bullish, which launched in 2021 and is operated by Bullish Global, combines elements of traditional exchange infrastructure with blockchain technology, offering deep liquidity pools, automated market making, and security features powered by EOSIO technology. The exchange had previously planned to go public through a $9 billion SPAC deal with Far Peak Acquisition Corporation, led by former NYSE President Thomas Farley, but the deal was shelved in late 2022 due to unfavorable market conditions.
The confidential nature of the current IPO filing allows Bullish and regulators to discuss the offering privately before a public disclosure. The move comes amid a broader recovery in the cryptocurrency market, driven by a resurgence in Bitcoin’s price, the introduction of spot Bitcoin exchange-traded funds (ETFs), and growing institutional interest in digital assets.
Backed not only by Thiel but also by major investors such as Mike Novogratz’s Galaxy Digital and hedge fund manager Louis Bacon, Bullish has been positioning itself as a key player in the evolving digital finance landscape. The IPO could mark a significant turning point for the company, granting it access to public capital markets and enhancing its credibility in regulated financial circles.
Bullish’s decision to move forward with a public listing reflects a broader trend of maturation within the crypto industry. If successful, the IPO would join a small but growing list of cryptocurrency firms — including Coinbase and Robinhood — that have accessed public equity markets as part of their growth strategies.
Analysts will closely watch the IPO’s progress as a barometer of investor sentiment toward crypto-focused companies and as a signal of the industry’s increasing integration into traditional financial ecosystems.
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