According to the Financial Times, Bullish, a cryptocurrency exchange backed by Peter Thiel, has secretly filed an initial public offering (IPO) application with the U.S. Securities and Exchange Commission (SEC).
Bullish attempted to go public in 2021 through a merger with a special purpose acquisition company (SPAC), but the plan failed the following year due to market volatility and regulatory headwinds. This application comes at a time when the cryptocurrency market is recovering, with the price of Bitcoin soaring above $100,000, reflecting the growing interest of institutions in digital assets and their broader acceptance.
Jefferies, an American investment bank, has been designated as the lead underwriter for Bullish’s IPO this time, indicating that traditional financial institutions have given it strong support. Bullish, led by Tom Farley, the former president of the New York Stock Exchange Group, is dedicated to creating a new generation of trading platforms that leverage blockchain technology to offer greater transparency, liquidity and efficiency.
In addition to its trading platform, Bullish has also expanded its influence in the crypto ecosystem through strategic acquisitions. In November 2023, the company acquired CoinDesk, a leading digital asset media and events company, further diversifying its business and consolidating its position in the crypto industry.
Bullish’s move this time conforms to the trend of cryptocurrency companies seeking to enter the public capital market. Previously, stablecoin issuer Circle Internet Financial successfully listed on the New York Stock Exchange, raising approximately 1.1 billion US dollars, and its share price soared by more than 160% on the first trading day. Meanwhile, Gemini, an exchange founded by Cameron Winklevoss and Taylor Winklevoss, has also secretly filed for an IPO, highlighting the growing market interest in regulated, publicly traded cryptocurrency businesses.
Although Bullish’s application remains confidential at present, more details about its valuation, offering size and expected listing time are expected to be disclosed in the coming months. Industry observers expect that other major players such as Kraken and Ripple may soon follow Bullish’s lead, which could usher in a new era of mainstream acceptance and institutional growth for the digital asset industry.
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