Bullish's Second Leap into the Public Market
Cryptocurrency venture Bullish, financed by Peter Thiel, is initiating a public listing.
If you're feeling optimistic about the crypto market, you're not alone. Bullish, the controversial crypto exchange founded by Peter Thiel's portfolio company Black.one, is riding that positive sentiment with its latest move. They've confidentially filed paperwork with the US Securities and Exchange Commission (SEC) for an Initial Public Offering (IPO), marking their second attempt to go public.
The initial attempt in 2021 fell through due to a combination of regulatory complications and unfavorable market conditions. However, this time around, they're entering the market at a strategically opportune moment. The crypto market is witnessing a resurgence, Bitcoin prices are soaring above $110,000, and the US regulatory environment is more favorable under the Trump administration.
American investment bank Jefferies is rumored to be the lead underwriter for Bullish’s IPO. They join a growing wave of crypto companies capitalizing on this positive market momentum. Notable examples include Circle, which successfully went public last year, raising over $1 billion, and Gemini, the Winklevoss twins’ crypto exchange, which has reportedly filed confidentially for a US listing.
Bullish is led by CEO Tom Farley, former president of the New York Stock Exchange, and boasts a Tier-1 regulated and audited license. They started operations with about $10 billion in digital assets and cash. The exchange is a subsidiary of Block.one and was financially supported by prominent investors such as Thiel through his VC firms Thiel Capital and Founders Fund, investment bank Nomura, and billionaire hedge fund managers Alan Howard and Louis Bacon.
The Trump administration's executive order establishing a Strategic Bitcoin Reserve and a US Digital Asset Stockpile in early 2025 also contributes to the positive regulatory climate. This move signals a friendlier environment for digital assets, benefiting Bullish and the entire crypto market.
If successful, Bullish’s IPO could further solidify market confidence in digital assets, encourage more crypto companies to pursue public listings, and potentially increase competition among exchanges, leading to greater regulatory compliance, transparency, and institutional adoption in the sector.
What is the strategic motive for Bullish's second attempt at a public offering, given the current state of finance and technology in the crypto market? In light of the resurgence in the crypto market, the US regulatory environment under the Trump administration, and the support from Tier-1 investors like Peter Thiel and American investment bank Jefferies, it appears that Bullish aims to leverage financial capital and technological advancements to establish a stronger presence and drive growth in the crypto sector.
