• Bullish filed for a US IPO using a confidential process to keep its financial details private for now.
• The exchange is trying again after its earlier public listing attempt failed during the 2022 market downturn.
• Rising bitcoin prices and political support for crypto have renewed investor interest in digital assets.

Bullish, a cryptocurrency exchange backed by investor Peter Thiel, has filed confidential paperwork for a US initial public offering. The filing was made with the Securities and Exchange Commission in recent weeks, sources told the Financial Times.

🚨 JUST IN: Peter Thiel-backed crypto exchange Bullish submits IPO filing with SEC, looking to capitalize on growing crypto investor enthusiasm during Trump's presidency, per FT. pic.twitter.com/j4KDvrnml4

— Cointelegraph (@Cointelegraph) June 11, 2025

The confidential filing lets Bullish advance its IPO plans without revealing financial data to the public at this stage. This method is common among startups seeking flexibility before entering public markets.

Second Attempt After Failed 2021 SPAC Merger

This marks Bullish’s second try to go public. In 2021, the firm pursued a listing through a special purpose acquisition company. That deal fell apart in 2022, following a sharp drop in tech valuations and rising US interest rates.

Bullish has appointed Jefferies as lead underwriter for the IPO. The company now aims to benefit from improved market sentiment and political support for digital assets.

Growing Political Support Fuels Crypto Optimism

Bullish’s move follows a noticeable shift in the US crypto environment. Since Donald Trump’s return to office, his administration has eased several restrictions previously imposed under President Biden.

The Trump family has shown increased support for cryptocurrency. His sons recently endorsed blockchain technology at a major industry event in Las Vegas. This political shift has reignited investor interest in digital assets. The Bitcoin price has surged past 100,000, drawing fresh capital into the market.

Circle and Gemini Boost Market Momentum

Circle, a stablecoin issuer, recently completed a $1.1 billion IPO. Its shares rose 168 percent on debut, marking the best opening for a billion-dollar listing this year.

Following Circle’s success, Gemini also filed for a confidential IPO. The exchange, led by the Winklevoss twins, supports Trump’s pro-crypto stance. Bullish’s timing appears strategic. The crypto sector is regaining momentum after two years of volatility and skepticism.

Strong Backing and Leadership at Bullish

Bullish markets itself as a blockchain-native exchange that offers high liquidity and narrow spreads. The company holds multiple regulatory licenses and operates under strict audit standards.

Tom Farley, Bullish’s CEO, previously led the New York Stock Exchange. His experience in traditional finance adds credibility to the firm’s Wall Street ambitions. The firm also acquired CoinDesk in late 2023, expanding its reach into crypto media. Bullish now hopes to capitalize on favorable political trends and strong investor demand to complete a successful public listing.