Key Takeaways
- Crypto exchange Bullish, backed by Peter Thiel, has filed confidentially for a U.S. IPO.
- Bullish’s earlier SPAC deal attempt in 2021 was scrapped due to market volatility.
- Other crypto firms like Gemini explore listings amid broader regulatory softening and institutional adoption.
After a long lull, crypto firms have found new momentum on Wall Street. As investor interest rebounds and U.S. policy turns friendlier toward digital assets, companies once sidelined by regulation are stepping back into the IPO spotlight.
The latest to join the public-market push: Bullish , a crypto exchange with deep pockets, high-profile backers, and a renewed strategy for entering the U.S. equity markets.
Bullish Crypto Exchange Files for US IPO
According to sources cited by the Financial Times, Bullish, a crypto exchange backed by billionaire Peter Thiel, has filed for a U.S. initial public offering. Jefferies may lead the offering.
The filing comes as investor appetite for digital assets rises under President Donald Trump’s administration, which has signaled pro-crypto policy shifts.
Bullish attempted to go public via an SPAC deal in 2021, which was later abandoned amid market volatility.
Led by former NYSE President Tom Farley, Bullish is a blockchain-based exchange that offers deep liquidity and tight spreads.
Its IPO follows Circle’s successful debut amid a wave of crypto firms, including Gemini, moving toward public listings.
What Bullish Does
Bullish, a blockchain firm Block.one subsidiary, was launched in 2021 by co-founder and CEO Brendan Blumer, who also serves as its chairman.
The exchange’s initial capitalization was about $10 billion in digital assets and cash, and investors included Peter Thiel, Alan Howard, Louis Bacon, and Richard Li. According to a source, Howard has since sold his stake.
Block.one previously raised $4 billion in a 2018 initial coin offering (ICO)—the largest on record—but later paid a $24 million fine for failing to register it with the SEC.
The deal’s structure or bank lineup, which currently includes Jefferies, could change.
Growing IPO Momentum Among Crypto Companies
After years of delays, 2025 is emerging as a breakout year for crypto IPOs.
Fueled by growing institutional interest and a more favorable regulatory climate, crypto companies are finally entering public markets.
This shift follows a quiet period since 2021. Significant support now comes from firms like BlackRock and Fidelity, and the SEC approved spot Bitcoin and Ethereum ETFs in 2024.
USDC issuer Circle completed its IPO, with CRCL stock jumping 168% on debut. It opened at $69 after pricing at $31 and peaking at $103.75. The company received a $6.8 billion pre-trading valuation.
This marks Circle’s second IPO attempt after a failed SPAC deal in 2022. It now joins Coinbase and Riot Platforms on U.S. public markets.
The valuation aligns with recent buyout offers from Coinbase and Ripple and is down from its $9 billion SPAC valuation in 2022.
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