Bullish, backed by Peter Thiel, files confidential IPO amid growing institutional demand and supportive crypto policies - IcoHolder.

Bullish, the cryptocurrency exchange supported by billionaire investor Peter Thiel, has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The move reflects rising investor confidence in digital assets and comes at a time when U.S. crypto policy is showing signs of a more supportive approach, especially with former President Donald Trump expressing strong industry support.

Renewed IPO Bid After 2021 Setback
This is not Bullish’s first attempt to enter the public markets. In 2021, the company sought to go public through a SPAC merger, but the deal was derailed by a deteriorating market environment and surging interest rates. Now, with improved conditions and new leadership under CEO Tom Farley, former NYSE Group president, Bullish is making another effort. Investment bank Jefferies is managing the IPO process, though specific details remain confidential.

An Institutional-Centric Platform
Since its 2021 launch, Bullish has positioned itself as a platform for institutional traders, not retail users. Fueled by a $300 million investment from Thiel’s Founders Fund and other major backers, the exchange offers deep liquidity and a high-performance infrastructure. Regulated in Gibraltar, Bullish aims to meet the needs of large-scale traders returning to crypto as the asset class matures.

Bullish Follows Hot IPO Trend in Crypto Sector
Recent IPO successes are paving the way for Bullish’s public market ambitions. Circle, the issuer of USDC, raised $1.1 billion in its recent debut, with its stock soaring 167% on its first day. Gemini filed for a U.S. listing on June 6, and eToro began trading on Nasdaq on May 14. These moves reflect renewed appetite for crypto IPOs as market optimism grows.

Crypto Outperforming Traditional Markets
A report from Cointelegraph on April 3 emphasized crypto’s edge over traditional finance, noting that tokens listed on major exchanges generated an average ROI of 80% over 180 days—outpacing Nasdaq (51%) and NYSE (54%) listings. This performance underscores the increasing appeal of crypto investments in public markets.

Political Tailwinds and Strategic Timing
Peter Thiel has long viewed Bullish as a key pillar of the crypto revolution. Valued at $9 billion in 2021, the platform’s institutional-grade model could help it stand out amid growing adoption. With Donald Trump advocating for pro-crypto regulations and even suggesting a national Bitcoin reserve, institutional sentiment is shifting. Supportive U.S. policy, combined with renewed market interest, could set the stage for Bullish’s IPO success.

Outlook for Bullish and the Crypto Market
For Bullish, the current environment may be the most opportune it has ever seen. Improved regulatory clarity, surging institutional demand, and a more favorable political climate suggest the stars may finally be aligning for a successful entry into the public markets.