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Bullish, the crypto exchange backed by billionaire Peter Thiel, just filed for a US IPO. The company filed confidential paperwork with the SEC. No public statements have been made yet.
Jefferies, a well-known investment bank, will lead the IPO. Bullish wants to catch the current hype around crypto — and maybe ride Trump’s friendlier stance on it.
This isn’t their first shot. In 2021, Bullish tried to go public using a SPAC, but that flopped when interest rates rose and crypto took a dive.
Circle Set the Stage
Circle, the company behind the USDC stablecoin, made waves last week. They raised $1.1 billion during their IPO. The stock jumped 167% on day one. That success definitely lit a fire under Bullish.
Everyone Wants In
Gemini (yes, the Winklevoss twins’ thing) also filed for a US IPO earlier this month. And eToro went public under the ticker ETOR. Goldman Sachs helped them out. Seems like it’s raining IPOs.
Who’s Running the Show?
Bullish’s CEO is Tom Farley, who once ran the New York Stock Exchange. Peter Thiel, who backed Bitcoin early, also supported Trump’s 2016 campaign. Guess we know where the wind’s blowing.
Crypto Listings vs. Traditional IPOs
Here’s the kicker: crypto listings are crushing it. A CoinMarketCap report from April said tokens listed on big exchanges returned over 80% ROI in 180 days. Compare that to the Nasdaq or Dow, and it’s not even close. 68% of crypto listings went up. Only about 50% of stocks did.
[SPAC = Special Purpose Acquisition Company: a shortcut way for companies to go public]
[ROI = Return on Investment]
