Cryptocurrency exchange Bullish, backed by billionaire Peter Thiel, has confidentially filed for an IPO with the US SEC, amid renewed market optimism under the Trump administration.
Bullish Joins Growing List of Crypto Firms Eyeing Wall Street Debuts
Cryptocurrency exchange operator Bullish has confidentially filed for an initial public offering (IPO) in the United States, according to a report from the Financial Times, citing individuals familiar with the matter. The move aligns with a broader trend of crypto firms seeking to go public during a period of renewed interest in digital assets under the Trump administration.
Bullish is backed by prominent venture capitalist and PayPal co-founder Peter Thiel. The company’s decision to file confidentially with the US Securities and Exchange Commission (SEC) allows it to keep key financial details undisclosed until it is closer to the actual launch of the IPO.
This marks Bullish’s second attempt to go public. The firm previously tried to list in 2021 through a merger with a special purpose acquisition company (SPAC), but the plan was shelved in 2022 amid plunging markets and rising US interest rates.
Bullish’s IPO bid mirrors a similar confidential filing made just last week by rival crypto exchange Gemini. Industry analysts suggest the recent filings reflect a growing confidence among crypto firms spurred by the Trump administration’s relaxed regulatory stance. Notably, the administration has issued an executive order calling for the establishment of a strategic bitcoin reserve and a broader stockpile of digital assets.
The White House has also introduced the GENIUS Act Bill, which aims to regulate stablecoins—cryptocurrencies tied to traditional assets or fiat currencies—creating a clearer framework for digital finance innovation.
A notable link between these crypto IPOs is the political alignment of their backers. Many of the entities pushing for public listings are connected to individuals who contributed to Donald Trump’s campaign. The Trump family’s own ventures in the digital asset world—including meme coins linked to Donald and Melania Trump—have fueled optimism within the crypto community.
Meanwhile, Gemini Space Station Inc., the exchange founded by Cameron and Tyler Winklevoss, announced on June 6 that it too had confidentially submitted a draft registration statement to the SEC for a proposed IPO. Though the company did not disclose financial specifics, it confirmed that the SEC is currently reviewing the filing.
Founded in 2014, Gemini made headlines earlier this year with a $5 billion settlement with the Commodity Futures Trading Commission. In February, the SEC concluded an investigation into the firm without recommending further action, according to CNBC.
The Winklevoss twins also gained attention for contributing $2 million to Trump’s presidential campaign. However, Bloomberg reported that part of the donation was refunded due to limits on crypto-based political contributions.
Market enthusiasm has been further boosted by the successful IPO of stablecoin issuer Circle last week. The company’s shares debuted on the New York Stock Exchange at a premium over the IPO price of $31 per share, underscoring a renewed investor appetite for digital currency ventures.
