Block.one subsidiary Bullish Global eyes IPO: report

Alan Howard-backed crypto firm Bullish Global is said to be weighing an initial public offering as soon as this year.

Bullish Global, a crypto exchange operator, appears to be gearing up for an IPO as the U.S. market warms up to crypto again. Backed by big names like Alan Howard and Peter Thiel, the crypto firm is said to be working on going public in 2025, Bloomberg reports, citing persons familiar with the matter.

Bullish Global is reportedly working with Jefferies Financial Group on the potential listing. However, talks are still ongoing and subject to change.

Led by chief executive Tom Farley, the Bullish crypto exchange has over 275 employees. It operates in the U.S., Hong Kong, Singapore, Gibraltar, and the Cayman Islands, the report reads. The exchange also acquired crypto media outlet CoinDesk in 2023, but the terms of the transaction were not disclosed.

Brendan Blumer’s Block.one launched Bullish in 2021, backing the exchange with $10 billion in funding. Its capital includes both cash and crypto, starting with an initial injection of $100 million, 164,000 BTC, and 20 million EOS. Bullish later raised an additional $300 million through a strategic investment round.

Backers include Thiel Capital, Founders Fund, Alan Howard, Louis Bacon, Richard Li, Christian Angermayer, Galaxy Digital, and Nomura, among others. Blumer also serves as Bullish’s chairman.

Bullish once planned to go public in a $9 billion SPAC deal with Far Peak Acquisition. However, in 2022 the exchange dropped the idea. Former CEO Brendan Blumer said the deal was called off because the process was taking “longer than expected.”