Bullish Files Confidential IPO Amid Bitcoin Surge and Political Support

Bullish, a cryptocurrency exchange backed by investor Peter Thiel, has filed confidential paperwork for a US initial public offering with the Securities and Exchange Commission. This move comes as the exchange seeks to capitalize on the renewed investor interest in digital assets, driven by rising bitcoin prices and growing political support for cryptocurrency.

The confidential filing allows Bullish to advance its IPO plans without revealing financial data to the public at this stage. This method is common among startups seeking flexibility before entering public markets. The exchange has appointed Jefferies as the lead underwriter for the IPO, aiming to benefit from improved market sentiment and political support for digital assets.

This marks Bullish’s second attempt to go public. In 2021, the firm pursued a listing through a special purpose acquisition company, but that deal fell apart in 2022 following a sharp drop in tech valuations and rising US interest rates. The current filing comes at a time when the US crypto environment has seen a noticeable shift, with the Trump administration easing several restrictions previously imposed under President Biden. The Trump family has shown increased support for cryptocurrency, with his sons recently endorsing blockchain technology at a major industry event. This political shift has reignited investor interest in digital assets, with the Bitcoin price surging past 100,000, drawing fresh capital into the market.

Bullish’s move follows the success of Circle, a stablecoin issuer, which recently completed a $1.1 billion IPO. Its shares rose 168 percent on debut, marking the best opening for a billion-dollar listing this year. Following Circle’s success, Gemini also filed for a confidential IPO. The exchange, led by the Winklevoss twins, supports Trump’s pro-crypto stance. Bullish’s timing appears strategic, as the crypto sector is regaining momentum after two years of volatility and skepticism.

Bullish markets itself as a blockchain-native exchange that offers high liquidity and narrow spreads. The company holds multiple regulatory licenses and operates under strict audit standards. Tom Farley, Bullish’s CEO, previously led the New York Stock Exchange. His experience in traditional finance adds credibility to the firm’s Wall Street ambitions. The firm also acquired CoinDesk in late 2023, expanding its reach into crypto media. Bullish now hopes to capitalize on favorable political trends and strong investor demand to complete a successful public listing.