Bullish Global Eyes IPO as Crypto Firms Move Toward Public Listings

Bullish Global, the crypto exchange backed by Peter Thiel, is reportedly considering a U.S. stock market debut through an IPO.

While no official announcement has been made, sources suggest the company is working with Jefferies Financial Group to explore the possibility, with a listing potentially happening this year.

This move wouldn’t be Bullish Global’s first attempt at going public. The firm previously pursued a SPAC merger but ultimately abandoned the plan. Now, internal discussions are reportedly underway, though details remain uncertain, and additional banks may join the effort.

Beyond Bullish, several crypto firms are eyeing public listings as the industry gains momentum. Circle, the issuer of USDC, is still weighing an IPO, while Bitpanda has enlisted major banks for guidance.

Galaxy Research predicts that at least four blockchain companies—Kraken, Chainalysis, Fireblocks, and Circle—could go public in the near future. Meanwhile, Tether’s CEO has dismissed speculation about a potential IPO.

Regulatory developments may play a key role in shaping these decisions. Donald Trump’s pro-crypto stance has renewed confidence among blockchain firms considering public listings. With market conditions improving, companies that previously struggled to go public through SPACs, such as Bullish and Circle, might finally find a clear path to an IPO.