Bullish Eyes IPO: Crypto Giant's Biggest Listing Yet

Peter Thiel-backed crypto firm Bullish is reportedly considering an initial public offering (IPO) as early as this year, according to people familiar with the matter. The company is working with Jefferies Financial Group Inc. on the potential listing, which would see Bullish joining a growing number of crypto companies moving ahead with plans to go public.

Bullish Global, the cryptoasset exchange operator, is led by CEO Tom Farley and has over 275 employees across offices in the US, Hong Kong, Singapore, Gibraltar, and the Cayman Islands. The company bought media outlet CoinDesk from Digital Currency Group in 2023 for an undisclosed amount. Bullish is a subsidiary of Block.one, a blockchain software company whose backers include Peter Thiel, Alan Howard, Louis Bacon, and Richard Li. Block.one launched Bullish in 2021 and capitalized the company with about $10 billion in digital assets and cash.

In 2021, Bullish announced plans to go public through a special purpose acquisition vehicle (SPAC), but it later put those plans on hold. Deliberations on the potential IPO are ongoing, and details of the offering could change. More banks could also be added to the lineup. Representatives for Bullish, Block.one, and Jefferies declined to comment on the matter.