Peter Thiel-Backed Bullish Files for US IPO to Capitalize on Crypto Market Upswing

Bullish, the crypto exchange backed by billionaire investor Peter Thiel, has confidentially filed for a US initial public offering, aiming to capitalize on growing investor appetite for digital assets in an increasingly favorable political climate.

The Financial Times reported Wednesday that the company recently submitted paperwork to the Securities and Exchange Commission.

By using the confidential filing route, Bullish can move ahead with its IPO preparations without immediately disclosing its financial details, a strategy that has become popular among high-profile startups testing market waters.

This marks Bullish’s second attempt at going public. The exchange previously sought a listing through a special purpose acquisition company in 2021, but the deal collapsed in 2022 after a steep decline in tech valuations and rising US interest rates. Jefferies has been tapped as lead underwriter for the offering.

Bullish didn’t return Cryptonews’ request for comment by press time.

Peter Thiel-backed crypto group Bullish files for Wall Street IPO https://t.co/pr22AlV4FQ

— FT Markets (@FTMarkets) June 11, 2025

Bullish Eyes Wall Street As Trump Era Revives Crypto Optimism

Bullish’s renewed IPO push comes as the US crypto market shows fresh signs of life. Since Donald Trump returned to office, his administration has taken a markedly more supportive stance on digital assets, rolling back restrictions imposed under President Joe Biden.

Trump has spoken favorably of Bitcoin in recent months, even after previously calling it a scam. His family has leaned into crypto too, with sons Donald Jr and Eric recently voicing support at a blockchain conference in Las Vegas.

Crypto Exchanges Capitalize on Renewed Enthusiasm and Policy Shifts

Bitcoin prices have surged past the US$100,000 mark, fueling a rush of capital into crypto-related listings. Last week, stablecoin issuer Circle raised $1.1b in its IPO and soared 168 percent on debut, delivering the strongest first-day gain for a billion-dollar US listing, according to Renaissance Capital.

Buoyed by that momentum, Gemini, the exchange run by the Winklevoss twins, also filed confidentially for a US IPO last Friday. Both Cameron and Tyler Winklevoss have been vocal backers of Trump’s re-election efforts and support crypto-friendly policymaking.

Bullish positions itself as a blockchain-native exchange offering deep liquidity and tight spreads. CEO Tom Farley, a veteran of traditional finance, previously served as president of the NYSE Group. With Farley at the helm and Thiel’s backing, the firm now hopes to ride the wave of political support and investor optimism to a successful Wall Street listing.

The move signals a broader shift in the crypto landscape, as once-skeptical regulators and investors show new openness to integrating digital assets into mainstream finance.