Bullish Files for IPO After eToro and Circle’s Success

Cryptocurrency exchange Bullish has quietly filed for an initial public offering in the United States. The move follows the public listing success of other crypto companies like eToro and Circle.

Two sources familiar with the matter said the filing was submitted to the U.S. Securities and Exchange Commission in recent weeks. Details such as how much Bullish wants to raise or what valuation it’s seeking are still unclear.

This marks Bullish’s second attempt to enter public markets. The company said it reached a deal with a blank-cheque company for a SPAC merger 4 years ago. That effort fell through when the stock market took a downturn the following year. Interest rates were rising at the time, and many tech-related listings stalled. The earlier deal would have valued Bullish at $9 billion.

Bullish Gets Support From Billionaire Peter Thiel And Top Hedge Fund Leaders

Bullish is supported by a group of high-profile investors, including billionaire Peter Thiel. Hedge fund figures Alan Howard and Louis Bacon have also invested in the firm. Bullish launched its exchange services just last year and is licensed in Gibraltar. It offers crypto trading to institutions and approved users across several global regions.

The company also expanded its reach by acquiring CoinDesk two years ago. CoinDesk is a well-known crypto news site and has long served as a key resource for the digital asset industry. A company spokesperson said the purchase fits with Bullish’s goal of helping the broader crypto world. The news site is expected to run on its own.

For its IPO, Bullish has selected Jefferies as the lead underwriter. The company said it has confidence in its future growth and market opportunities. It did not comment further on timing or pricing. Jefferies declined to respond to a request for details about the deal.

eToro Goes Public At $4.2 Billion Valuation After Upsized Offering

Recent IPOs by eToro and Circle have energized crypto firms looking to enter public markets. eToro went public at a valuation of $4.2 billion after upsizing its offering last month. The firm has a large user base, and much of its income comes from crypto trading. A spokesperson said the IPO helped build momentum for other industry players.

Circle’s IPO was even more dramatic, with shares jumping 168% on their first day of trading. The company raised $1.1 billion in the process. According to Renaissance Capital, this was the largest single-day stock price increase for a U.S. IPO valued at over $1 billion. The company said demand for its stablecoin services continues to grow.

Bullish’s move suggests growing optimism among crypto firms about the current market. A change in the U.S. political landscape may also be encouraging more companies to explore public listings. The return of Donald Trump to the White House has created a more crypto-friendly environment, industry watchers say. Policy clarity remains a top concern for executives.

Other companies are now lining up for possible IPOs as well. Gemini, backed by the Winklevoss twins, has already filed for one. Ripple, Kraken, and Consensys are among the firms that are reportedly weighing similar decisions. A source close to one of these firms said the success of Circle and eToro is pushing them to act faster.

Bullish’s second attempt could show how much the climate has changed for digital asset firms. While the first effort fell apart in a difficult market, conditions have improved. Investors are again showing interest in crypto-related stocks. The firm said it believes its time has come.

Still, many challenges remain. Crypto remains a volatile space with high regulatory risk. But Bullish and others seem ready to face them. With the IPO window open again, firms in this space may not want to wait too long.