Crypto exchange Bullish has confidentially filed for a US public listing, signaling rising investor interest in crypto IPOs.
Crypto exchange Bullish is quietly preparing for a public listing in the United States, according to recent reports. The company has reportedly filed confidential paperwork with regulators, a move that allows it to move forward with the listing process.
Notably, American investment bank Jefferies has been named as the lead underwriter for the offering.
Although Bullish has not made any public comments on its IPO plans, the confidential filing is seen as a strategic step, particularly as the regulatory environment appears to be shifting in favor of the cryptocurrency sector under the Donald Trump administration.
Bullish, a subsidiary of blockchain software firm Block.one, was launched in 2021 by Brendan Blumer, who remains its chairman. The company began with an estimated $10 billion in digital assets and cash. Its earlier attempt to go public in 2021 through a SPAC deal collapsed due to unfavorable market conditions at the time.
Bullish is now led by CEO Tom Farley, a former President of the New York Stock Exchange. The company seems ready to make another attempt at entering the public markets.
Reports suggest that discussions around the offering are still underway, and the company may bring additional banks into the process.
Crypto IPO Activity Gains Traction
Bullish’s move comes amid a wave of successful public offerings by crypto-focused firms. Just last week, USDC stablecoin issuer Circle made headlines with a $1.1 billion IPO that saw its shares surge by 167% on the first day of trading.
In May, social trading platform eToro went public on the Nasdaq. On June 11, at the time of writing, the company’s shares are up by 30% from their IPO price of $52.
These listings seem to be encouraging more crypto companies to enter the IPO pipeline. Gemini, the exchange founded by the Winklevoss twins, joined the trend earlier this month, filing confidentially for a US listing.
Meanwhile, Ripple is also exploring a potential IPO, with the resolution of the SEC’s XRP XRP $1.41 24h volatility: 2.5% Market cap: $86.28 B Vol. 24h: $2.47 B lawsuit likely to clear the way for such a move.
If the market remains favorable, Bullish could become the latest in a growing list of digital asset firms going public on Wall Street.
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