The cryptocurrency exchange Bullish, backed by Peter Thiel, has submitted confidential documents for an initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC). The exchange is supported by billionaire investor Peter Thiel, with investment bank Jefferies acting as the lead underwriter. Bullish previously attempted to go public through a special purpose acquisition company (SPAC) but failed due to deteriorating market conditions. This IPO plan reflects a trend of renewed investor optimism and a friendlier regulatory environment under the Trump administration. Recently, crypto companies such as Circle and Gemini have also submitted IPO applications, indicating active IPO activity in the crypto industry. Bullish is led by former New York Stock Exchange Group president Tom Farley. Data shows that the investment returns from crypto listings surpass those of traditional stock markets, attracting more investor attention.

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Bullish, the digital asset exchange backed by billionaire investor Peter Thiel, has filed confidential paperwork with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO), according to sources cited by the Financial Times. American investment bank Jefferies has been tapped as the lead underwriter for the offering, per the report . Bullish has not issued a public statement on its plans. The move positions Bullish among a wave of crypto companies looking to capitalize on renewed investor enthusiasm and a friendlier regulatory tone under the Trump administration. The company, which previously attempted to go public via a special purpose acquisition company (SPAC) deal in 2021, saw its earlier efforts collapse as markets soured amid rising interest rates. Related: Circle stock jumps 167% on NYSE debut Recent successes in the crypto IPO space appear to have emboldened Bullish’s move. Circle, the issuer of the USDC ( USDC ) stablecoin, raised $1.1 billion in its public debut last week, exceeding expectations and marking a record-setting 167% gain on its first day of trading. On June 6, Gemini, the exchange founded by Cameron and Tyler Winklevoss, also filed confidentially for a US listing . Both brothers have actively supported Trump’s reelection bid and have backed crypto-focused political action committees. On May 14, social trading platform eToro officially debuted on the Nasdaq , under the ticker ETOR, following a confidential SEC filing and the appointment of Goldman Sachs to shepherd the process. Bullish is led by CEO Tom Farley, a former president of the NYSE Group. Thiel, an early supporter of Bitcoin ( BTC ), previously donated to US President Donald Trump’s 2016 election campaign. Related: Circle raises IPO target to $896M amid strong investor interest Despite the recent surge in IPO activity, data shows that crypto listings continue to outperform those on traditional stock exchanges. According to a CoinMarketCap report shared on April 3, the average return on investment (ROI) for tokens listed on major crypto exchanges over the past 180 days exceeded 80%. This performance surpasses that of major stock indexes like the Nasdaq and Dow Jones. The report also found that 68% of crypto listings delivered positive ROI, outpacing the NYSE’s 54% and Nasdaq’s 51%. Magazine: Elon Musk Dogecoin pump incoming? SOL tipped to hit $300 in 2025: Trade Secrets 

Peter Thiel-backed crypto exchange Bullish files for US IPO

Peter Thiel-backed crypto exchange Bullish files for US IPO