Peter Thiel-Backed Bullish Quietly Files for IPO as Crypto Firms Eye Wall Street

Digital asset exchange Bullish, supported by billionaire investor Peter Thiel, is making a stealthy move toward going public.

Sources familiar with the matter say the company has confidentially filed for an IPO with the U.S. Securities and Exchange Commission, with investment bank Jefferies leading the effort.

This step comes amid a broader push from crypto firms looking to capitalize on shifting regulatory winds and renewed investor interest under the Trump administration. Bullish had previously explored a public listing via a SPAC in 2021, but the plan unraveled amid unfavorable market conditions.

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The IPO landscape for crypto firms has recently gained momentum. Circle, the issuer of USDC, made a splash with a $1.1 billion public debut that saw its stock surge 167% on day one. Gemini has also reportedly filed for a U.S. listing, while eToro recently completed its own Nasdaq debut.

Bullish is headed by former NYSE president Tom Farley and counts Thiel—an early Bitcoin supporter and Trump campaign donor—as a key backer.

Meanwhile, data suggests that the crypto space continues to outperform traditional finance in terms of returns. A CoinMarketCap analysis found that the majority of recent crypto token listings yielded higher ROI than stocks on major U.S. exchanges, reinforcing the sector’s growing edge over legacy markets.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.