Bullish Exchange, Supported by Peter Thiel, Submits IPO Application in the U.S.
Bullish, a cryptocurrency exchange backed by Peter Thiel, is set to go public after a previous attempt floundered in 2021.
Bullish Exchange, Supported by Peter Thiel, Submits IPO Application in the U.S.
Bullish, the cryptocurrency exchange funded by Peter Thiel, has confidentially submitted its application for an initial public offering (IPO) in the United States. This initiative indicates the company’s readiness to pursue public listing once again, after its initial attempt through a SPAC dissolved during the crypto market decline in 2021.
Why This is Significant Now
The timing is strategic, as Bitcoin has surged above $110,000, crypto stocks are gaining momentum, and U.S. political sentiments are becoming favorable for cryptocurrency. Recently, Circle successfully completed an IPO, raising over $1 billion, while Gemini has also confidentially filed for IPO.
JUST IN: 馃嚭馃嚫 Peter Thiel-backed crypto group, Bullish, files for Wall Street IPO.
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For Bullish, the window of opportunity appears open again. Instead of waiting for market stability, they are acting while investor interest is still strong.
What Sets Bullish Apart
Bullish was introduced in 2021, supported by $300 million from Thiel’s Founders Fund, Galaxy Digital, among others. The exchange is aimed at institutional investors rather than retail traders, offering robust infrastructure, liquidity, and professional trading instruments. Despite being based in Gibraltar, it aims for a foothold in U.S. markets, which is a significant shift from its original SPAC plans shelved when crypto faced significant downturns.
Tom Farley, the former president of the New York Stock Exchange, now leads Bullish, with Jefferies as its primary underwriter.
Changes Since 2021
Previously, Bullish attempted a public listing with a $9 billion valuation via Far Peak Acquisition Corp, but it collapsed when market conditions deteriorated. The current view of the market has vastly improved since then.
Part of a Wider Trend
Bullish joins a slew of cryptocurrency firms looking to go public, following Circle’s successful IPO. Companies like Gemini, Robinhood, and Coinbase are also capitalizing on the rejuvenated interest in crypto.
Looking Ahead
Bullish faces regulatory scrutiny from the SEC as it promotes itself to investors. The true test of its viability will rely on its revenue, user growth, and overall market presence. A successful IPO may bolster confidence in crypto within traditional finance, while a failed attempt might highlight the ongoing challenges of integrating crypto with Wall Street.
In summary, Bullish is strategically making another attempt at entering the public arena, leveraging current market conditions that seem more favorable. The outcome will depend not just on speculative excitement, but on tangible performance and investor confidence.
