Peter Thiel-backed crypto exchange Bullish files for US IPO: FT

Bullish, the digital asset exchange backed by billionaire investor Peter Thiel, has filed confidential paperwork with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO), according to sources cited by the Financial Times.

American investment bank Jefferies has been tapped as the lead underwriter for the offering, per thereport. Bullish has not issued a public statement on its plans.

The move positions Bullish among a wave of crypto companies looking to capitalize on renewed investor enthusiasm and a friendlier regulatory tone under US President Donald Trump.

The company, which previously attempted to go public via a special purpose acquisition company (SPAC) deal in 2021, saw its earlier efforts collapse as markets soured amid rising interest rates.

Related:Circle stock jumps 167% on NYSE debut

Crypto IPO successes inspire Bullish

Recent successes in the crypto IPO space appear to have emboldened Bullish’s move. Circle, the issuer of the USDCUSDC$0.9998USDCChange (24h)0.04%Market Cap$52.17BVolume (24h)$7.06BView Morestablecoin,raised $1.1 billionin its public debut last week, exceeding expectations and marking arecord-setting 167% gainon its first day of trading.

On June 6, Gemini, the exchange founded by Cameron and Tyler Winklevoss, alsofiled confidentially for a US listing. Both brothers supported Trump’s reelection bid and have backed crypto-focused political action committees.

On May 14, social trading platform eToroofficially debuted on the Nasdaq, under the ticker ETOR, following a confidential SEC filing and the appointment of Goldman Sachs to shepherd the process.

Bullish is led by CEO Tom Farley, a former president of the NYSE Group. Thiel, an early supporter of BitcoinBTC$109,516BitcoinChange (24h)0.25%Market Cap$2.17TVolume (24h)$31.31BView More, previously donated to Trump’s 2016 election campaign.

Related:Circle raises IPO target to $896M amid strong investor interest

Crypto listings outpace IPOs

Despite the recent surge in IPO activity, data shows thatcrypto listings continue to outperformthose on traditional stock exchanges.

According to a CoinMarketCap report shared on April 3, the average return on investment (ROI) for tokens listed on major crypto exchanges over the past 180 days exceeded 80%. This performance surpasses that of major stock indexes like the Nasdaq and Dow Jones.

The report also found that 68% of crypto listings delivered positive ROI, outpacing the NYSE’s 54% and Nasdaq’s 51%.

Magazine:Elon Musk Dogecoin pump incoming? SOL tipped to hit $300 in 2025: Trade Secrets

Explore more articles like this

Subscribe to our Crypto Biz newsletter

Weekly snapshot of key business trends in blockchain and crypto, from startup buzz to regulatory shifts. Gain valuable insights to navigate the market and spot financial opportunities. Delivered every Thursday

By subscribing, you agree to ourTerms of Services and Privacy Policy