- Bullish cryptocurrency exchange has confidentially filed for a public stock offering (IPO).
- Major investors include funds linked to Peter Thiel and several finance billionaires.
- The decision follows strong market interest after Circle‘s recent successful listing.
- Bullish is backed by large capital inflows, including a $9.3 billion Bitcoin investment from Block.One.
- The company also owns the crypto-focused media outlet Coindesk.
Bullish, a cryptocurrency exchange, has confidentially submitted paperwork for an initial public offering (IPO), according to the Financial Times. The company is led by CEO Tom Farley, who formerly served as President of the New York Stock Exchange.
The exchange is backed by funds associated with Peter Thiel and prominent financiers like Alan Howard, Louis Bacon, and Richard Li, who leads Hong Kong Telecom. This IPO move comes shortly after the strong debut of stablecoin issuer Circle, whose shares currently trade at about 3.5 times its $31 issue price and reach nearly $26 billion in market capitalization.
Following Circle’s success, other cryptocurrency exchanges are also preparing for public listings. The Financial Times reports that the Winklevoss twins’ Gemini exchange and Uphold are considering similar steps.
Estimates suggest that Bullish could achieve a significant valuation, possibly surpassing $20 billion, if the IPO moves forward. Founder Block.One invested $9.3 billion in bitcoin into Bullish in May 2021. While the company may not hold the full amount today, that investment would be worth more than $20 billion as of the latest bitcoin prices.
Block.One is known for developing EOSIO, the software behind the EOS blockchain. The company raised $4 billion in its initial coin offering (ICO) in 2017, one of the largest at the time. According to the report, the timing of the IPO could be favorable barring major geopolitical events.
Beyond its exchange business, Bullish has expanded into media. The company bought Coindesk, a major cryptocurrency news outlet, from Digital Currency Group in November 2023.
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