Crypto Exchange Bullish Files for U.S. IPO Amid Market Revival

Cryptocurrency exchange Bullish has confidentially filed for an initial public offering (IPO) in the United States, aiming to leverage renewed investor enthusiasm for digital assets under the Trump administration, according to the Financial Times. Citing sources familiar with the matter, the report notes that Bullish submitted its filing to the U.S. Securities and Exchange Commission (SEC) in recent weeks, with Jefferies serving as lead underwriter.

The move marks Bullish’s second attempt to enter public markets, following a failed 2021 SPAC merger that was derailed by crypto market volatility and rising interest rates. The timing of this IPO filing aligns with a broader resurgence in crypto-related stocks and IPOs, fueled by favorable policy outlooks from President Donald Trump’s campaign and a successful listing from stablecoin issuer Circle Internet (NYSE:CRCL).

Founded with backing from billionaire investor Peter Thiel, Bullish operates a blockchain-based trading platform that promotes deep liquidity and low trading spreads. The company is helmed by Tom Farley, former president of the New York Stock Exchange (NYSE), bringing traditional finance expertise to its digital asset operations.

The crypto industry has seen increased momentum in 2025, with growing institutional interest, regulatory optimism, and high-profile public listings reshaping investor sentiment. Bullish’s IPO filing signals a renewed wave of confidence in crypto exchanges as viable public companies.

By tapping into bullish investor sentiment and leveraging strategic leadership and technology, Bullish aims to carve out a leading role in the evolving digital asset marketplace. The success of its IPO could serve as a barometer for broader public market appetite toward crypto infrastructure firms in the post-SPAC era.