- Bullish cryptocurrency exchange has confidentially filed for an initial public offering (IPO).
- The exchange is led by Tom Farley, former President of the New York Stock Exchange, and is backed by funds tied to several major investors.
- The IPO timing follows strong interest in crypto-related company listings, including Circle and Gemini.
- Founding company Block.One invested $9.3 billion in Bitcoin in 2021 to launch Bullish.
- Bullish also owns Coindesk, expanding its presence in crypto media.
Bullish, a cryptocurrency exchange, has filed confidentially for an IPO, according to the Financial Times. The exchange is led by Tom Farley, former President of the New York Stock Exchange. Major backers include funds connected to Peter Thiel and billionaires such as Alan Howard, Louis Bacon, and Richard Li.
Bullish’s IPO plans arrive shortly after the successful listing of Circle, a stablecoin issuer, which is currently trading at nearly 3.5 times its issue price of $31 and a market value approaching $26 billion. Strong market interest in crypto firms has prompted several other companies to consider going public. The Winklevoss twins recently announced that their Gemini crypto exchange had also filed confidentially for a listing. The Block reported that Uphold, another exchange, is considering an IPO.
If Bullish moves ahead, sources report its investor support could result in a public debut valued well above $20 billion. Block.One, which created Bullish, placed $9.3 billion worth of bitcoin—digital tokens used for transactions and investments—into the exchange in May 2021. The report notes that while Bullish likely does not still hold the full amount, those bitcoin would be worth over $20 billion at today’s prices.
Block.One also developed the EOSIO software that supports the EOS blockchain, a system for recording transactions securely online. EOS conducted its initial coin offering (ICO) during the 2017 bull market and raised $4 billion—one of the largest amounts at the time. Sources say the current listing environment could be favorable for Bullish, barring major geopolitical changes.
Beyond its exchange operations, Bullish has expanded into crypto news media. The exchange acquired Coindesk in November 2023 from Digital Currency Group.
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