Peter Thiel-funded crypto startup Bullish aims to go public
After the failed SPAC IPO in 2021, Bullish is now betting on the crypto-friendly climate under Trump. Here are the details.
When investors are "bullish," they expect rising prices and are optimistic about the future market trend. The founders of the crypto exchange Bullish have directly incorporated this positive sentiment into their name.
And they certainly seem to be in a positive mood: They are planning their IPO. As the Financial Times (FT) reports, the crypto exchange has filed documents for an IPO with the US Securities and Exchange Commission (SEC).
Bullish already wanted to go public via a SPAC deal in 2021, but failed due to the market environment at the time.
The second IPO attempt comes amid a political climate favorable to crypto . US President Donald Trump has clearly taken a pro-crypto stance. His administration has rolled back the Biden-era regulations and promised industry-friendly policies.
This stance contributed, among other things, to the Bitcoin price temporarily rising above $100,000. Trump's sons, Donald Jr. and Eric, also publicly appeared as crypto advocates at a crypto conference.
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The crypto exchange is led by CEO Tom Farley, a former president of the New York Stock Exchange (NYSE). Bullish was founded in 2021 as a subsidiary of the controversial crypto software company Black.one, a portfolio company of PayPal co-founder Peter Thiel.
The project was financially supported at the time by a number of prominent investors, including Thiel through his VC firms Thiel Capital and Founders Fund, the investment bank Nomura, and the billionaire hedge fund managers Alan Howard and Louis Bacon.
With its IPO plans, Bullish joins a new wave of crypto IPOs. Stablecoin operator Circle Internet recently raised $1.1 billion, more than double the expected amount. The stock rose 168 percent on its first day of trading. Gemini, the crypto exchange owned by the Winklevoss twins, also confidentially filed for a stock market listing last week, as the FT reported.
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