Peter Thiel-backed crypto exchange Bullish has filed confidential initial public offering (IPO) papers with the US Securities and Exchange Commission (SEC). This move comes as investor interest in crypto grows under the Trump administration.
Trump’s policies have made the environment friendlier for crypto firms to file confidential IPO filings to advance listing preparations without publicly disclosing financials until closer to the offering date.
Bullish files IPO as Trump’s crypto support boosts investor confidence
Bullish chose well-known global investment bank Jefferies as the lead underwriter because of its experience in publicly taking tech and fintech companies.
The company wants to look credible, and choosing a respected underwriter like Jefferies tells investors that Bullish wants to align itself with Wall Street standards as it moves forward with its public debut.
A series of successful public listings and a noticeable change in the political environment created favorable conditions for Bullish to file for an IPO. Leading the way, stablecoin company Circle doubled analyst expectations by raising $1.1 billion in its IPO.
Circle’s success convinced other companies that the market may finally be ready to support digital asset firms going public again. The company’s stock rose by 168% on its first day of trading, making it the biggest first-day jump for a billion-dollar US IPO.
Crypto company Gemini, founded by twins Cameron and Tyler Winklevoss, followed suit and filed for an IPO just days after Circle’s debut. It took advantage of the positive market environment and secured its place on Wall Street.
President Donald Trump’s new administration pulled back on enforcement actions by the Biden administration. They created a much more favorable climate for crypto businesses that want to grow and attract investors with promises to promote innovation in blockchain technology.
Cryptocurrency entrepreneurs and investors now see the US as a safer and more promising place to launch and expand their digital asset ventures. The political attitude toward the industry has shifted from skepticism to support.
Bullish starts new IPO plan after 2021 SPAC deal collapsed
Bullish’s first attempt to go public by merging with a blank-check company failed in 2022 (a year after it was announced in 2021). This is because market conditions had turned so volatile, and investors were pulling back from risky or unproven assets like digital exchanges.
The company waited for conditions to improve. Now, it sees the right opportunity to try again through a traditional IPO route that involves a longer and more detailed review process to build long-term credibility.Â
Filing confidentially with the SEC allows Bullish to avoid early market pressure. It gives the company more time to work behind the scenes, finalize its documents, and only reveal full financial details when they’re ready to move forward.
Bullish is making a new IPO attempt as the crypto market starts to recover from a long slump caused by the FTX crash and other big problems in 2022 and 2023. Trump’s new policies create a friendlier political climate for the company to succeed where they previously failed.
Bullish CEO Tom Farley was president of the New York Stock Exchange from 2014 to 2018, and his experience running one of the world’s most regulated and high-profile exchanges brings Bullish a lot of credibility.
Investors who were previously unsure about crypto companies now see Bullish as being run by someone who understands how to follow the rules, manage large-scale trading systems, and work with regulators.
Bullish’s backer, Peter Thiel, is also a billionaire investor who supported Donald Trump’s presidential campaign in both 2016 and 2024. His influence and connections in tech and politics give the company more visibility and credibility in the eyes of conservative lawmakers and pro-business regulators.Â
