Peter Thiel-Backed Crypto Firm Bullish Files Confidentially for US IPO
Bullish, a cryptocurrency exchange backed by Peter Thiel and a unit of blockchain software company Block.one, has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission in recent weeks, according to the Financial Times on Tuesday.
Bullish previously attempted to go public via a special purpose acquisition company (SPAC) deal in 2021, but the effort collapsed in 2022 amid heightened regulatory scrutiny and rising interest rates that unsettled equity markets.
Unlike the Biden administration, the Trump administration has adopted a more lenient approach toward crypto regulation, supporting the industry’s policy goals. Under this environment, the Securities and Exchange Commission (SEC) has dropped several investigations.
Bullish aims to leverage renewed investor enthusiasm for digital assets during the current administration, the report added.
The company did not immediately respond to requests for comment, and Reuters could not independently verify the Financial Times report.
Bullish’s filing follows a similar move by crypto exchange Gemini, operated by billionaire twins Tyler and Cameron Winklevoss, which last week disclosed it had confidentially filed for a U.S. IPO.