Peter Thiel-backed crypto exchange Bullish files for US IPO: FT

Bullish, a crypto exchange that counts billionaire Peter Thiel as an investor, has confidentially filed for an initial public offering in the U.S., the Financial Times reported, citing two sources familiar with the matter.Bullish filed the paperwork with the Securities and Exchange Commission in recent weeks, according to the report. A confidential IPO process typically allows companies to advance their listing preparations without disclosing financial details until they move closer to going public.Jefferies is expected to serve as the lead underwriter for the offering, the report said.Bullish is a regulated and audited global cryptocurrency exchange with tier-1 licenses, according to its website.The firm, which acquired crypto media outlet CoinDesk from Digital Currency Group in November 2023, once attempted an IPO through a special purpose acquisition company in 2021, but it did not follow through. The Block has reached out to the company for comment.Bullish's planned IPO follows Circle's $1.1 billion blockbuster debut last week, during which its stock price soared nearly 200%. Circle's shares closed down 8.1% at $105.91 on Tuesday, but remained well above their initial public offering (IPO) price of $31, according to Yahoo Finance data.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.