Bullish Files for IPO as Trump's Crypto Pivot Drives Demand: FT

1 day ago 1

In brief

Bullish has reportedly filed confidential paperwork with the SEC as it tries to go public again.
It previously abandoned prior efforts in a SPAC merger in 2022 as the market faced a downturn.
It follows Circle's explosive public debut on the NYSE last week.

Crypto exchange Bullish has submitted paperwork for an initial public offering to the Securities and Exchange Commission, according to a report from the Financial Times, citing sources familiar.

The move marks its second bid to go public, following an initial attempt in a $9 billion merger with a special purpose acquisition company, Far Peak, in July 2021.

Those prospects went dim by late 2022, with aspirations later called off due to prevailing “time constraints and market conditions.”

Now, Bullish is attempting to take another swing following President Donald Trump’s election late last year and subsequent policies geared toward the crypto industry.

As a result, Bitcoin has steadied its pace, finding a range above the $110,000 with its implied volatility showing a record low for the year.

Bullish's latest attempt comes as crypto companies have caught Wall Street pundits off guard.

Last week, Crypto exchange Gemini confirmed that it filed to go public, just 24 hours after USDC issuer Circle made its euphoric debut on the New York Stock Exchange.

Circle raised more than $1.1 billion, and outperformed some of the U.S.’s most prominent tech companies on launch, with its stock rocketing to 347% days later. That appetite is fueling others’ efforts.

Bullish operates a blockchain-based exchange and acquired crypto media firm CoinDesk in 2023. Its CEO, Tom Farley, previously served as president of the NYSE Group at the Intercontinental Exchange from 2014 to 2018.

Bullish did not immediately respond to Decrypt's request for comment.

Edited by Sebastian Sinclair