Digital asset exchange Bullish, supported by billionaire investor Peter Thiel, is rumored to be taking discreet steps toward an IPO. According to sources, the company has submitted a confidential filing with the U.S. Securities and Exchange Commission, with Jefferies leading the effort — signaling a major move in the wake of evolving crypto regulations under the Trump administration.
Bullish’s move follows a wave of crypto firms tapping the public markets. Circle’s USDC issuer recently debuted with a $1.1 billion IPO, surging 167% on day one, while firms like Gemini and eToro have also submitted or completed listings in the U.S.
Bullish is headed by former NYSE president Tom Farley, with Thiel among its key backers. The firm previously explored a SPAC deal in 2021, but market headwinds halted that plan.
Bullish confidentially filed for an IPO under SEC quiet rules, moving fast as crypto firms capitalize on shifting regulation. Jefferies leading the charge.
— Crypto Ledger (@CryptoLedger) June 11, 2025
The IPO landscape for crypto companies has recently heated up: Circle’s USDC IPO set the tone, and analysts believe Bullish’s filing follows a broader institutional push. A CoinMarketCap analysis shows that most new crypto tokens have outperformed major U.S. stocks in recent months, underscoring the sector’s growing edge.
For a deeper look at this surge, see CoinDesk’s coverage on crypto firms racing to go public and how regulatory clarity is fueling interest.