Peter Thiel-Backed Bullish Pursues U.S. Stock Market Debut Amid Favorable Crypto Climate

Cryptocurrency exchange Bullish, with support from tech investor Peter Thiel, has confidentially submitted an application for a US initial public offering. The move aims to capitalize on burgeoning investor interest in digital assets, particularly as the Trump administration signals a more relaxed regulatory approach toward the sector.

Sources familiar with the matter indicate that Bullish recently submitted its confidential paperwork to the Securities and Exchange Commission (SEC). This type of filing allows companies to advance their listing plans discreetly before disclosing financial details publicly closer to their flotation date. Bullish has not yet commented on these reports.

This marks Bullish’s second attempt to go public, following an unsuccessful bid in 2021 to merge with a special purpose acquisition company (SPAC). That deal was abandoned the following year as rising U.S. interest rates led to a downturn in the stock market. Jefferies is serving as the lead underwriter for the current IPO, though the bank has refrained from commenting on the confidential filing.

The planned IPO coincides with a surge in demand for crypto assets within the U.S. market. President Donald Trump’s administration has signaled a more accommodating stance toward the industry, reversing some of the stricter enforcement actions seen under the previous Biden administration. This shift in policy is credited with helping to push Bitcoin’s value beyond $100,000 and invigorating the U.S. IPO market after a slow start to the year.

Recent successes in the crypto IPO space highlight this trend. Last week, stablecoin operator Circle Internet’s initial public offering raised $1.1 billion, exceeding expectations, and its shares surged by 168 percent on their Wall Street debut. This marked the largest-ever first-day stock price increase for a billion-dollar U.S. listing, according to Renaissance Capital. Following this success, Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, also confidentially filed for a U.S. listing last Friday. The Winklevoss twins have notably contributed to Trump’s presidential campaign and actively support a crypto-industry-funded political action committee.

Bullish characterizes itself as a blockchain-powered crypto exchange that provides “market leading order depth and consistently tight spreads.” Its CEO, Tom Farley, previously served as president of the NYSE Group of Intercontinental Exchange from 2014 to 2018. Peter Thiel, a prominent backer of Bullish, also made contributions to Trump’s initial presidential campaign in 2015 and 2016.

Despite previously expressing skepticism about Bitcoin, describing it as “seems like a scam,” Trump has increasingly embraced cryptocurrencies. In late May, the Trump family’s media company announced plans to raise $2.5 billion from investors to establish a “bitcoin treasury.” Later that month, Donald Trump Jr. and Eric Trump, the president’s sons, publicly lauded Bitcoin at a conference in Las Vegas.