Bullish, the cryptocurrency exchange backed by tech billionaire Peter Thiel, has filed confidential paperwork with the U.S. Securities and Exchange Commission (SEC) for a potential initial public offering, according to sources cited by the Financial Times. The move marks the firm’s second attempt to enter public markets after its 2021 SPAC merger deal collapsed amid heightened market volatility.
This time, Bullish has appointed Jefferies as lead underwriter, signaling a pivot toward a more traditional IPO route. The decision comes as market conditions improve and regulatory sentiment toward digital assets appears to be softening, particularly under the current Trump administration.
With the crypto sector regaining momentum, Bullish’s IPO effort reflects growing confidence that investor appetite and regulatory clarity are returning—conditions that were largely absent during its first attempt.
Bullish Rides New Wave of Crypto IPO Activity
Bullish’s quiet filing adds to a surge in public listings across the digital asset sector, which has seen renewed optimism thanks to stronger market performance and more favorable political winds.
Led by former NYSE Group President Tom Farley, Bullish is one of several crypto-aligned firms pursuing a public debut in 2025. Its move follows a string of recent IPO successes, including stablecoin issuer Circle, which raised $1.1 billion in its public offering last week and saw shares spike 167% on opening day. That performance sent a clear message: Wall Street’s appetite for crypto is not only intact—it’s accelerating.
Earlier this month, Gemini, the exchange founded by the Winklevoss twins, also submitted confidential IPO paperwork. The twins, prominent supporters of Donald Trump’s re-election campaign, have been actively pushing for pro-crypto policies and regulatory reform, with their IPO bid reflecting growing political alignment across the industry.
Meanwhile, eToro—the social trading platform—successfully went public on Nasdaq in May under the ticker ETOR, with Goldman Sachs acting as the lead advisor. These public market moves suggest that traditional financial institutions are re-embracing digital asset ventures after years of caution.
For Bullish, this trend provides both momentum and a roadmap. With Thiel’s steadfast belief in Bitcoin and a friendlier regulatory climate taking shape, this second IPO attempt appears calculated and timely—not opportunistic.
Crypto Listings Still Outperform Traditional IPOs
While Bullish and others pursue public listings, fresh market data shows that crypto token launches continue to generate stronger returns than traditional IPOs. According to a recent CoinMarketCap report, new tokens listed on major crypto exchanges have delivered an average return on investment (ROI) of over 80% over the past six months.
In comparison, 68% of token launches recorded positive ROI, compared to 54% of stocks listed on the NYSE and 51% on the Nasdaq during the same period. The findings underscore a persistent appetite for early-stage digital assets, despite ongoing macroeconomic and regulatory challenges.
These trends indicate that while traditional IPOs may offer stability and brand recognition, the crypto-native route remains a high-growth opportunity for investors and startups alike.
Quick Facts
- Bullish, backed by Peter Thiel, has filed confidentially for a U.S. IPO.
- The exchange previously scrapped a SPAC merger in 2021 due to market volatility.
- Jefferies will lead the offering, signaling a traditional IPO strategy.
- Bullish joins Circle, Gemini, and eToro in the 2025 crypto IPO wave.
- New data shows crypto token listings averaged over 80% ROI in six months, outperforming NYSE and Nasdaq debuts.
