Peter Thiel-Backed Crypto Exchange Bullish Files for US IPO
Bullish, the cryptocurrency exchange backed by billionaire entrepreneur Peter Thiel, has filed for a confidential initial public offering (IPO) in the United States.
According to the Financial Times, citing two sources familiar with the matter, the company has filed the necessary documents with the US Securities and Exchange Commission (SEC) in recent weeks.
The secret IPO process allows companies to prepare for an IPO without disclosing their financial details to the public. Once the preparations are complete, more comprehensive information is provided to investors and the official process is initiated.
According to the news, Jefferies will serve as lead underwriter in the IPO process.
According to the information on its website, Bullish is a regulated and independently audited global cryptocurrency exchange. The company is stated to have various Tier-1 licenses. In November 2023, it attracted attention by purchasing the crypto media platform CoinDesk from Digital Currency Group.
Bullish previously tried to go public via a special purpose acquisition company (SPAC) in 2021 but was unable to follow through with that plan.
This new IPO attempt comes on the heels of another crypto company Circle’s successful IPO last week, which garnered a lot of buzz. Circle reached a valuation of $1.1 billion with its IPO, and its shares rose nearly 200% on the first day.
Circle shares fell 8.1% to $105.91 on Tuesday this week, but are still trading well above their $31 IPO price.
This move by Bullish shows renewed interest from institutional crypto companies in listing on US exchanges.
This is not investment advice.
