According to the Financial Times, Bullish, a cryptocurrency exchange backed by Peter Thiel, has filed classified documents for its initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). This is the second attempt by the exchange to go public. It had tried to do so in 2021 by merging with a special purpose acquisition company, but the plan failed in 2022 due to volatility in the crypto market and rising interest rates.
Bullish’s decision to resume its IPO plan this time is mainly due to the more supportive policies adopted by Trump’s administration towards the cryptocurrency industry after his election as president. During his election campaign, Trump changed his stance and began to support cryptocurrencies. His campaign team accepted cryptocurrency donations and promised to position the United States as the global center for the development of digital assets. He also issued an executive order and established a digital assets working group. Under the influence of these policies, the price of Bitcoin has soared, breaking through the $100,000 mark, and the institutional interest and public acceptance of the cryptocurrency market have been continuously increasing.
In addition, the recent positive performance of the cryptocurrency industry has also created a favorable environment for Bullish’s IPO. For instance, stablecoin issuer Circle successfully went public on the New York Stock Exchange, raising over 1.1 billion US dollars. Its share price soared to 347% just a few days after its listing. Gemini has also confirmed that it has submitted an application for listing. These successful cases indicate that investors have a high interest in ipos related to cryptocurrencies.
Bullish operates a blockchain-based trading platform, aiming to offer greater transparency, liquidity and efficiency. The company acquired the crypto media platform CoinDesk in 2023, further expanding its influence in the crypto ecosystem. At present, Bullish’s IPO application is still in a confidential stage, and more details about its valuation, offering size and expected listing time may be disclosed in the coming months.
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