Thiel-Backed Bullish Global Eyes IPO This Year

Cryptocurrency exchange Bullish Global, backed by billionaire venture capitalist Peter Thiel, is considering an initial public offering (IPO) as early as this year, according to multiple sources. The company is working with Jefferies Financial Group Inc. on the potential listing, which would see Bullish joining a growing number of crypto companies pursuing public offerings.

Bullish, led by CEO Tom Farley, has over 275 employees and offices in the US, Hong Kong, Singapore, Gibraltar, and the Cayman Islands. In 2023, the company acquired media outlet CoinDesk from Digital Currency Group for an undisclosed amount. Bullish is a subsidiary of Block.one, a blockchain software company whose backers include Thiel, Alan Howard, Louis Bacon, and Richard Li. Block.one launched Bullish in 2021 and capitalized it 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 may also be added to the lineup.

The potential IPO comes amid growing interest in the crypto sector and expectations that regulatory environments may become more favorable. Bullish's move could signal a new wave of crypto companies seeking public listings, further legitimizing the industry in the eyes of investors.