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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
Updated by:
Zameer Attar
Updated
Reviewed by:
Zafar Naik
Reviewed
- Jun 11, 2025 12:12 UTC
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Peter Thiel-Backed Bullish Eyes IPO in ‘Confidential’ SEC Filing
Bullish has filed a confidential IPO application with the SEC.
The Peter Thiel-backed exchange targets institutional crypto growth.
Crypto IPO activity is rising with renewed market and investor interest.
Peter Thiel-backed exchange aims to go public amid growing institutional interest and a friendlier U.S. crypto stance
Bullish, the crypto exchange backed by billionaire investor Peter Thiel, has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC).
As investor confidence returns to the digital asset space, the timing couldn’t be more calculated, especially with President Donald Trump signaling strong support for the industry.
Bullish Takes Another Shot at Going Public
This isn’t Bullish’s first attempt to hit the public markets. The exchange tried to go public in 2021 through a SPAC merger, but that deal fell apart due to rising interest rates and a tougher market environment.
Now, under the leadership of CEO Tom Farley, the former NYSE Group president, Bullish is making a fresh move. Investment bank Jefferies is handling the underwriting, but the company is keeping further details under wraps for now.
The market conditions, however, look far more favorable than they did a few years ago.
Institutional-First Crypto Exchange
Launched in 2021 with a $300 million capital injection from Thiel’s Founders Fund and other top investors, Bullish was built for institutional traders rather than retail users. That focus gives it an edge in today’s maturing crypto landscape.
The exchange is regulated in Gibraltar and designed to offer high-performance trading infrastructure with deep liquidity – qualities that institutions are increasingly seeking as they return to digital assets.
Crypto IPOs Steal the Spotlight
Recent successes make way for Bullish’s ambitions. Circle, issuer of the USDC stablecoin, raised $1.1 billion in its debut last week, soaring 167% on day one. Gemini, founded by the Winklevoss twins, filed for a U.S. listing on June 6, while eToro hit Nasdaq under the ticker ETOR on May 14.
A Cointelegraph report from April 3 highlights crypto’s edge: tokens on major exchanges delivered an 80% average return on investment (ROI) over 180 days, outpacing Nasdaq (51%) and NYSE (54%) listings.
Thiel’s Vision Meets Trump’s Crypto Push
Peter Thiel has always seen Bullish as a core part of the evolving crypto revolution. Back in 2021, it was valued at $9 billion, and its institutional-grade platform gives it a strong shot at standing out.
Now, with Trump backing clearer digital asset regulation and even hinting at a national Bitcoin reserve, momentum is building. Institutions are starting to shift their strategy, and crypto-friendly U.S. policies are making the market more attractive.
For Bullish, that means the stars may finally be aligning for a successful IPO.
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FAQs
Bullish’s IPO filing signals a strong resurgence in crypto market confidence, driven by renewed investor interest and a more favorable U.S. political and regulatory climate, indicating a maturing industry.
Bullish’s institutional focus, offering robust infrastructure, deep liquidity, and regulatory compliance (Gibraltar), makes it appealing to traditional investors seeking regulated crypto exposure, a key advantage for a successful IPO.
Strong U.S. political support, including a pro-crypto stance from the Trump administration and a “regulatory thaw” (e.g., SEC dropping cases), creates a more predictable and attractive environment for Bullish’s IPO, increasing investor confidence.
Yes 
No 
