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Peter Thiel-Backed Crypto Firm Bullish Files Confidentially for US IPO

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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.

Gemini Files Confidentially for U.S. IPO as Crypto Markets Regain Strength

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Gemini, the cryptocurrency exchange founded by billionaire twins Tyler and Cameron Winklevoss, has confidentially filed for an initial public offering (IPO) in the United States, as digital asset firms capitalize on renewed strength in crypto markets. This move comes amid a surge of successful listings, particularly in high-risk sectors like crypto and fintech, signaling a revival of capital market activity.

The IPO wave reflects pent-up demand after years of regulatory uncertainty and market volatility. Earlier this week, stablecoin issuer Circle made a strong debut on the New York Stock Exchange, encouraging other crypto firms to consider public offerings. “Pre-IPO crypto companies would be crazy not to move ahead with listings after seeing how Circle traded,” said Matt Kennedy, senior strategist at Renaissance Capital.

Gemini has not yet disclosed the size or price range of its offering. The exchange currently offers trading and storage for over 70 cryptocurrencies and aims to join a growing list of crypto-native companies seeking mainstream investment. Kat Liu, vice president at IPOX, noted that Gemini’s filing adds to the sector’s momentum and reflects the growing readiness of digital asset firms to engage with public capital markets.

The timing for Gemini’s IPO coincides with a dramatic rise in the global cryptocurrency market, now valued at approximately $3.3 trillion, with Bitcoin trading above $100,000, according to CoinMarketCap. The recent approval of U.S. spot Bitcoin ETFs has drawn billions of dollars from institutional investors eager for crypto exposure.

Michael Ashley Schulman, CIO at Running Point Capital Advisors, said, “A successful listing would confirm that the crypto thaw is real.” He added that if the trend continues, the IPO calendar could rapidly fill up with fintech, AI, and other tech-related offerings.

This renewed optimism marks a stark turnaround for the crypto industry, which was rocked by the collapse of FTX in 2022 and years of global regulatory scrutiny. However, recent political developments have also helped boost sentiment, with U.S. presidential candidate Donald Trump declaring his support for the sector and pledging to be a “crypto president.”

In May, Coinbase made history by becoming the first U.S. crypto-focused company to join the S&P 500, solidifying crypto’s growing presence in traditional financial markets. Gemini’s IPO filing further underscores the sector’s accelerating financial maturity and its efforts to integrate more deeply into global capital markets.

UK Plans to Lift Ban on Retail Investors Buying Crypto Exchange-Traded Notes

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The UK’s Financial Conduct Authority (FCA) announced plans to remove the ban that currently prevents retail investors from buying crypto exchange-traded notes (ETNs), signaling a shift towards a more open regulatory approach to cryptocurrencies.

Previously, the FCA allowed crypto ETNs to be sold only to professional traders, citing concerns that these products were “ill-suited” for retail investors due to the significant risks and potential for complete loss of investment. The ban aimed to protect consumers from high-risk crypto financial products.

However, on Friday, the FCA said lifting the ban would enable retail investors to decide for themselves if such high-risk investments are appropriate, allowing greater choice and supporting growth in the UK’s digital asset sector. David Geale, the FCA’s executive director of payments and digital assets, explained that the move represents a “rebalancing” of risk tolerance, giving consumers the freedom to assess their own appetite for loss.

The proposal is now set to enter a consultation phase before any final regulatory changes are implemented.

The FCA emphasized that crypto ETNs must be traded on FCA-approved investment exchanges to be sold to retail customers, ensuring a regulated marketplace environment. However, the current ban on retail investors trading crypto derivatives will remain in place.

This policy update comes as the UK government pursues legislation to regulate cryptocurrencies comprehensively, aligning more closely with the U.S. regulatory framework, diverging from the EU’s industry-specific rules.