According to a recent Financial Times report, the cryptocurrency exchange Bullish, supported by billionaire Peter Thiel, has filed an initial public offering (IPO) with the US Securities and Exchange Commission (SEC). The filing, which was made confidentially in 2021, marks a new attempt to enter the market amid renewed enthusiasm for digital assets and a more favorable regulatory environment under the Trump administration, which has taken a softer stance on crypto regulations compared to the previous administration.

This 2025 IPO filing follows a previous attempt by Bullish to go public via a special purpose acquisition company (SPAC) in 2021. That SPAC deal was called off in 2022 due to increased regulatory scrutiny and rising interest rates that negatively affected the equity markets. The earlier SPAC effort collapsed amid market volatility and regulatory pressures, which made the public listing unfeasible at that time.

Bullish operates as a subsidiary of the blockchain software company Block.one and is headed by CEO Tom Farley, former president of the New York Stock Exchange. The company claims to offer a regulated and audited platform with a Tier-1 license and began with an estimated $10 billion in digital assets and cash. Its previous public listing attempt stumbled in 2022 due to regulatory crackdowns and market instability.

The timing of Bullish’s IPO filing is significant. This comes amid growing investor interest in digital assets. Unlike the restrictive outlook of the Biden administration, the Trump administration has supported the preferences of the crypto industry.

On March 6, 2025, President Trump issued an Executive Order establishing a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile.

At the time of its launch, CEO Brendan Blumer described Bullish as a market-leading exchange.

“The Bullish exchange aims to transform high-performance trading by using blockchain technology and a new market structure. It will streamline costly third-party services, turning them into yield-generating portfolio tools that provide both institutions and individuals with safer and more efficient access to cutting-edge cryptocurrency investment strategies.”

If market conditions remain stable and investor appetite for digital assets increases, then the ranks of major crypto firms that navigate public markets may grow faster. This IPO could legitimize the sector and attract more mainstream investment in blockchain-based trading platforms.

Bullish’s IPO filing reflects the crypto industry’s growing confidence in the future under friendly regulatory oversight. However, success will depend on maintaining public trust, especially given the ongoing challenges in the cryptocurrency industry.