Peter Thiel-Backed Bullish Exchange Files With SEC For IPO: FT

Crypto change Bullish, backed by billionaire Peter Thiel, has filed confidential paperwork with the US Securities and Alternate Fee (SEC) for an preliminary public providing (IPO), the Monetary Instances reported.

The submitting makes it attainable for the corporate to progress their itemizing plans earlier than publicly revealing their financials nearer to pursuing a flotation.

American funding financial institution Jefferies has been proposed because the lead underwriter for the IPO, the report stated, citing sources aware of the matter. 

There was no affirmation of the submitting from Bullish or Jefferies.

Not The First Time Bullish Is Attempting To Go Public

This isn’t the primary time the Thiel-backed crypto change has tried to go public. 

In 2021, the agency tried to listing by means of a particular function acquisition automobile. That try fell by means of in 2022 following a inventory market pullback as a result of rising rates of interest. 

Peter Thiel’s Bullish Joins Rising Checklist Of Firms Attempting To Capitalize On Trump’s Professional-Crypto Stance

Bullish joins a rising listing of crypto firms which might be making an attempt to capitalize on the Trump administration’s pro-crypto stance. 

Competing crypto change Gemini, based by the Winklevoss twins, additionally filed confidential paperwork for a US itemizing on June 6. 

Final week, Circle, the issuer of the second largest stablecoin by market cap USD Coin (USDC), additionally went public, elevating $1.1 billion from its providing. Circle additionally exceeded analysts’ expectations and posted an enormous 167% achieve.

Circle is now formally a public firm, listed on the @NYSE underneath $CRCL.

With @USDC, EURC, Circle Funds Community & extra, we’re pushing ahead a way forward for frictionless worth change.

We aren’t simply constructing monetary merchandise. We’re constructing the cash layer of the… pic.twitter.com/spBzjMzsVY

— Circle (@circle) June 5, 2025

Though there was an increase in IPO exercise in current weeks, an April 3 report from CoinMarketCap reveals that crypto listings proceed to outperform listings on conventional inventory exchanges. 

In line with the report, 68% of crypto listings delivered a optimistic return on funding (ROI). This was larger than the success charge of each the New York Inventory Alternate (NYSE) and the Nasdaq, which stands at round 54% and 51%, respectively.

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