Peter Thiel-backed crypto firm Bullish seeks public listing

Bullish, a crypto exchange backed by Peter Thiel, has confidentially filed for an initial public offering, joining a growing wave of digital asset firms looking to tap public markets.

Peter Thiel-backed crypto firm Bullish has confidentially filed for an IPO in the United States, according to people familiar with the matter. The filing was made with the Securities and Exchange Commission in recent weeks, as reported by the Financial Times. Jefferies is set to serve as the lead underwriter for the upcoming offering.

This marks Bullish’s second attempt to go public after a failed SPAC merger in 2021. The deal collapsed the following year amid a downturn in the stock market caused by rising interest rates in the U.S.

Bullish’s filing comes as a growing cohort of crypto firms is entering public markets. Circle, the issuer of the USD Coin (USDC) stablecoin, completed its IPO last week and saw shares surge over 300% in their first days of trading, making it one of the most successful billion-dollar U.S. listings on record. Gemini, the exchange founded by Cameron and Tyler Winklevoss, filed confidentially for an IPO earier this month. Uphold, another U.S.-based digital asset platform, is currently weighing an IPO.

On the flip side, Tether, which issues the world’s largest stablecoin Tether (USDT) isn’t planning to join the IPO rush. CEO Paolo Ardoino recently said there’s “no need to go public,” pointing to the company’s strong profits and a focus on long-term growth instead of listing.