Peter Thiel-Backed Bullish Exchange Files With SEC For IPO: FT

Peter Thiel-Backed Bullish Exchange Files With SEC For IPO, FT Says

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Updated: 11 June 2025

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Crypto exchange Bullish, backed by billionaire Peter Thiel, has filed confidential paperwork with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO), the Financial Times reported.

The filing makes it possible for the company to progress their listing plans before publicly revealing their financials closer to pursuing a flotation.

American investment bank Jefferies has been proposed as the lead underwriter for the IPO, the report said, citing sources familiar with the matter.

There has been no confirmation of the filing from Bullish or Jefferies.

Not The First Time Bullish Is Trying To Go Public

This is not the first time the Thiel-backed crypto exchange has attempted to go public.

In 2021, the firm tried to list through a special purpose acquisition vehicle. That attempt fell through in 2022 following a stock market pullback due to rising interest rates.

Peter Thiel’s Bullish Joins Growing List Of Companies Trying To Capitalize On Trump’s Pro-Crypto Stance

Bullish joins a growing list of crypto companies that are trying to capitalize on the Trump administration’s pro-crypto stance.

Competing crypto exchange Gemini, founded by the Winklevoss twins, also filed confidential paperwork for a US listing on June 6.

Last week, Circle, the issuer of the second largest stablecoin by market cap USD Coin (USDC), also went public, raising $1.1 billion from its offering. Circle also exceeded analysts’ expectations and posted a huge 167% gain.

Circle is now officially a public company, listed on the @NYSE under $CRCL.

With @USDC, EURC, Circle Payments Network & more, we're pushing forward a future of frictionless value exchange.

We are not just building financial products. We are building the money layer of the… pic.twitter.com/spBzjMzsVY

— Circle (@circle) June 5, 2025

Even though there has been a rise in IPO activity in recent weeks, an April 3 report from CoinMarketCap shows that crypto listings continue to outperform listings on traditional stock exchanges.

According to the report, 68% of crypto listings delivered a positive return on investment (ROI). This was greater than the success rate of both the New York Stock Exchange (NYSE) and the Nasdaq, which stands at around 54% and 51%, respectively.