Étienne Girard
Bullish, a global cryptocurrency trading platform backed by billionaire Peter Thiel, has reportedly taken steps toward going public in the United States. According to the FT, the company has submitted confidential IPO documents to the U.S. Securities and Exchange Commission (SEC) in recent weeks.
This private filing approach allows Bullish to prepare for its market debut without immediately revealing detailed financial information, offering flexibility as it gauges market conditions.
Jefferies Expected to Lead the Offering
The report also indicates that Jefferies is slated to be the lead underwriter for Bullish’s potential listing. This partnership positions Bullish alongside major financial players as it gears up for its initial public offering.
Bullish Strengthens Market Presence With CoinDesk Acquisition
Bullish operates as a regulated crypto exchange with top-tier licenses and regular audits, according to its official website. The firm further expanded its footprint in the industry by acquiring CoinDesk, a leading crypto media outlet, from Digital Currency Group in November 2023.
This isn’t Bullish’s first attempt at going public — the company had previously planned to list through a SPAC merger in 2021, but the deal ultimately fell through.
IPO Buzz Follows Circle’s Explosive Market Debut
The timing of Bullish’s filing coincides with renewed investor interest in crypto-related IPOs. Circle, the issuer of the USDC stablecoin, made headlines last week with a $1.1 billion IPO, seeing its stock surge nearly 200% before settling.
Although Circle’s shares dipped 8.1% to $105.91 on Tuesday, they remain significantly above their $31 IPO price, according to data from Yahoo Finance.
Company Yet to Comment on Filing
As of now, Bullish has not released an official statement regarding its confidential submission. Industry observers are watching closely to see whether this move could mark a turning point for crypto exchanges entering public markets.
