Peter Thiel-backed crypto exchange Bullish eyes IPO

Bullish Global, a cryptocurrency exchange operator backed by billionaire Peter Thiel, is exploring an initial public offering (IPO) as soon as this year. The company has reportedly enlisted Jefferies Financial Group Inc. to assist with the potential listing.

If the IPO happens, Bullish will go public among several cryptocurrency companies as hope rises that President Donald Trump will be friendly to crypto. Led by Chief Executive Officer Tom Farley, the exchange is growing internationally, with offices in the U.S., Hong Kong, Singapore, Gibraltar, and the Cayman Islands.

Bullish pursues IPO as market conditions improve 

An IPO would see Bullish joining a growing number of companies in the sector moving ahead with plans to go public amid expectations that President Donald Trump will pursue a pro-crypto agenda.

The firm once revealed its plans to go public in 2021 via an SPAC, only to shelve those plans. The new IPO discussions reflect the company’s shift in approach as market conditions improve and the regulatory environment of cryptocurrencies becomes more defined.

Bullish is a subsidiary of Block.one, a blockchain software company subsidiary whose backers include Thiel, Alan Howard, Louis Bacon, and Richard Li. Block.one, whose co-founder and CEO Brendan Blumer also serves as Bullish’s chairman, launched the company in 2021 and capitalized Bullish with about $10 billion in digital assets and cash.

Crypto firms set to reenter IPO market as regulatory landscape shifts

Going public via an IPO was challenging for crypto firms under the Biden administration. The Securities and Exchange Commission, led by Chair Gary Gensler, was slow to review filings from companies like Circle, which initially pursued a public listing through a merger with a special purpose acquisition company. However, following the collapse of FTX and the resulting investor skepticism toward the crypto market, Circle abandoned its plans in December 2022.

Over the past four years, big crypto firms haven’t had much hope of going public, but all that’s set to change in January. President-elect Donald Trump’s promise to reverse course on President Joe Biden’s digital asset crackdown is spurring hope that the initial public offering market could soon open to stablecoin provider Circle Internet Financial, trading platform Kraken, and other firms that have said they’d like to go public. 

Recently, Circle refiled for a traditional IPO, and there’s ample reason to think the stars will align for the firm and others like it to be successful this time. A representative of the firm said:

Due to the nature of the registration process, we cannot comment. I can say that becoming a public company has always been a part of Circle’s core strategy, underscoring our commitment to trust and transparency.

Circle spokesman.

The Bullish IPO discussions are ongoing, and details, including timing and valuation, remain subject to change. Additional banks may also be brought in to support the offering.

The representatives of Bullish and Block.one have not yet responded to the requests for comment, and a spokesman for Jefferies has declined to comment.

Bullish’s IPO plans align with those of other crypto companies returning to the public markets. With more definitions of regulations and the positive shift in the investor’s mindset, more companies are expected to go for the public market.

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