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Peter Thiel-Backed Bullish Files for IPO in Resurgent Crypto Market

Peter Thiel-Backed Bullish Files for IPO in Resurgent Crypto Market

Bullish, a cryptocurrency exchange backed by Peter Thiel, has taken a major step toward going public by confidentially filing for an initial public offering (IPO) in the United States, according to individuals familiar with the matter.

The filing was recently submitted to the Securities and Exchange Commission (SEC) and reflects renewed optimism in the digital assets space—especially as investor sentiment grows stronger under the current Trump administration, which has been signaling support for the crypto sector.

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Confidential filings allow companies to move forward with IPO plans without disclosing financial information until they are closer to launching publicly. Bullish has not commented on the filing.

This isn’t Bullish’s first attempt at entering the public market. In 2021, the company pursued a merger with a special purpose acquisition company (SPAC), but that deal collapsed in 2022 amid rising U.S. interest rates and broader market volatility.

Investment bank Jefferies is expected to lead the IPO, though the firm declined to comment on its role.

The renewed IPO plans come amid a wave of enthusiasm for crypto-related equities. Since Donald Trump’s return to the White House, the administration has adopted a more favorable stance toward digital assets—reversing regulatory pressures imposed during President Biden’s term.

This political shift has fueled a rally in crypto prices, with bitcoin recently breaking the $100,000 mark. It’s also reignited interest in crypto IPOs, which had been muted earlier in the year.

Last week, stablecoin issuer Circle Internet raised $1.1 billion in its IPO—more than double expectations—and saw its stock jump 168% on its debut, marking the largest first-day gain ever for a billion-dollar U.S. listing, according to Renaissance Capital.

Inspired by Circle’s success, other crypto companies are making similar moves. Gemini, the exchange led by Cameron and Tyler Winklevoss, also submitted a confidential IPO filing last Friday. The twins have been active political supporters of Trump and have backed a pro-crypto political action committee.

Bullish, for its part, markets itself as a blockchain-based exchange known for deep liquidity and competitive spreads. Its CEO, Tom Farley, formerly served as president of the NYSE Group between 2014 and 2018. Thiel, a long-time supporter of Trump, has previously donated to his presidential campaigns.

Despite once labeling bitcoin a “scam,” Trump has recently aligned himself with the crypto world. In May, the Trump family’s media company announced a $2.5 billion raise to establish a bitcoin treasury. Later that month, Donald Trump Jr. and Eric Trump praised bitcoin during a major conference in Las Vegas.

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