Peter Thiel-backed cryptocurrency exchange Bullish Global is reportedly weighing a public stock offering as early as the end of this year or early 2024. The company has turned to Jefferies Financial Group to explore a potential initial public offering, but no final decision has been reached yet, according to people familiar with the matter.
If the plan proceeds, Bullish would join a growing list of crypto companies seeking to reach the stock market. Optimism in the industry is building, in part because of speculation Trump will adopt a more constructive position on digital assets. With his administration likely to advocate for policies favorable to the sector, institutional investors are taking further notice.
Founded in 2021, Bullish operates a crypto trading platform and offers financial services for digital assets. It is owned by the blockchain firm Block.one and made waves in 2023 when it purchased CoinDesk, one of the most prominent crypto media outlets, from Digital Currency Group for an undisclosed sum.
The company opened with powerful financial support, starting with approximately $10 billion in digital assets and cash. Its parent company, Block.one, is best known for creating the EOSIO blockchain and for raising $4 billion in an initial coin offering (ICO) in 2018, one of the biggest ever. However, that ICO attracted the interest of regulators, resulting in a $24 million settlement with the U.S. Securities and Exchange Commission (SEC) for not registering the token sale.
Bullish has attracted big-name investors such as Thiel, hedge fund veteran Alan Howard, billionaire traders Louis Bacon and Richard Li, and Japan’s banking giant Nomura. Thiel’s Founders Fund venture capital firm also invested in Polymarket, a decentralized prediction platform, highlighting his longstanding interest in the blockchain and Web3 sector.
This isn’t the first time Bullish has tried to go public. The company had previously intended to go public through a special purpose acquisition company SPAC in 2021 but ended up abandoning those plans. The market is looking up, and there may also be better regulations for crypto, so Bullish is looking to take another run at its IPO ambitions.
While talks remain in the early stages and additional investment banks could enter the process, the move reflects an increasing belief in crypto trading platforms. With rapid institutional adoption, regulatory clarity, and the public market infrastructure evolution, Bullish could find itself in the pole position as a public market player.
