Peter Thiel-Backed Bullish Eyes IPO in ‘Confidential’ SEC Filing

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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 CoinMarketCap 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.