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 conversant in the matter. 

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

Not The First Time Bullish Is Making an attempt 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 checklist via a particular objective acquisition automobile. That try fell via in 2022 following a inventory market pullback resulting from rising rates of interest. 

Peter Thiel’s Bullish Joins Rising Record Of Firms Making an attempt To Capitalize On Trump’s Professional-Crypto Stance

Bullish joins a rising checklist of crypto firms which can be attempting 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% acquire.

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

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

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

— Circle (@circle) June 5, 2025

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

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

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