Bullish Files Confidential IPO Amid Crypto Surge

Peter Thiel-backed cryptocurrency exchange Bullish has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission, marking its second attempt to go public after a failed SPAC deal in 2021. The IPO effort comes amid a crypto market resurgence driven by a more favorable regulatory stance from the Trump administration and recent high-profile public listings of digital asset firms like Circle and Gemini. Jefferies is expected to serve as the lead underwriter for the IPO, which aims to capitalize on rising institutional interest in cryptocurrencies. Bullish, which targets institutional traders and acquired crypto media firm CoinDesk in 2023, is led by former NYSE Group president Tom Farley. The company's move reflects renewed investor confidence, with Bitcoin prices hitting record highs. The confidential filing allows Bullish to prepare for its market debut without immediate financial disclosure.