Peter Thiel-backed crypto firm Bullish files for IPO with US SEC: Report

June 11, 2025 | New York, NY – In a major development that signals renewed investor appetite for regulated digital asset platforms, Bullish, a cryptocurrency exchange backed by billionaire tech investor Peter Thiel, has confidentially filed for an Initial Public Offering (IPO) with the United States Securities and Exchange Commission (SEC), according to media reports citing people familiar with the matter.

The move positions Bullish among a growing number of crypto-native firms aiming to gain a stronger foothold in public markets despite the sector's volatile history and increased regulatory scrutiny.

A Strategic Step Amid Regulatory Headwinds

Founded in 2021, Bullish is a subsidiary of Block.one and was launched with an ambitious vision to blend the transparency of blockchain with the trust of traditional finance. The company is supported by marquee investors such as Peter Thiel, Alan Howard, and Mike Novogratz, and reportedly raised over $10 billion in digital assets and cash before its launch.

Though the exact details of the IPO, such as the expected valuation or timeline, have not been publicly disclosed, Bullish’s confidential filing allows the firm to test market interest while refining its disclosures and compliance strategies.

“Bullish's decision to go public in the U.S. reflects its confidence in long-term regulatory normalization,” said Rachel Lin, blockchain market strategist at Quantum Analytics. “It also suggests that crypto firms are learning to operate within traditional financial frameworks, rather than around them.”

Previous SPAC Deal Aborted

This is not the first time Bullish has tried to enter public markets. In 2021, it announced a high-profile SPAC (Special Purpose Acquisition Company) merger with Far Peak Acquisition Corp., led by former NYSE President Thomas Farley. However, that deal fell apart in late 2022 due to unfavorable market conditions and a shifting regulatory landscape in the crypto space.

Now, by opting for a traditional IPO route, Bullish is signaling its intent to align with stricter disclosure standards and investor expectations. Experts suggest that a successful listing would mark a pivotal moment for the broader digital asset ecosystem, as regulators and market participants alike look for trustworthy, transparent crypto exchanges.

The Bullish Exchange: Hybrid Model

Unlike most decentralized platforms, Bullish operates a unique hybrid exchange model. It combines automated market making with a central limit order book, offering deep liquidity while maintaining regulatory oversight. The exchange is registered in Gibraltar and supports Bitcoin, Ethereum, EOS, and a handful of stablecoins.

While its user base remains niche compared to Coinbase or Binance, Bullish has strategically focused on institutional players, particularly family offices and crypto funds seeking compliant trading platforms. Its blockchain-based audit trail and risk management systems have received positive attention in compliance circles.

“Bullish's tech stack and institutional-first approach give it an edge in a post-FTX world,” said Arun Iyer, a fintech VC at CrossBridge Capital. “Investors today are not just looking for innovation — they want governance, accountability, and transparency.”

Market Context: Crypto Sentiment Rebounding

The timing of Bullish’s IPO plans coincides with a broader recovery in digital asset markets. After a harsh crypto winter that followed the collapse of Terra, FTX, and several other firms in 2022-23, Bitcoin and Ethereum have rebounded significantly, and regulatory frameworks in both the U.S. and EU are taking shape.

The SEC has recently approved several spot Bitcoin ETFs, indicating a softening stance toward mainstream crypto products. Market analysts believe this environment is ripe for reputable exchanges to tap public capital, particularly those with a regulatory-first posture.

“We’re seeing a growing divergence in crypto: those embracing compliance are surviving and scaling,” noted Clara Gomez, digital finance lead at Bernstein. “A Bullish IPO would validate that thesis in public equity markets.”

Investor Outlook: Promise and Caution

From an investor perspective, Bullish presents a compelling proposition — a crypto exchange with strong backing, institutional orientation, and a commitment to regulatory transparency. However, potential shareholders must weigh sector-specific risks, including price volatility, evolving regulations, and the potential for sudden loss of market liquidity.

Bullish’s success on the public markets will depend heavily on its ability to demonstrate user growth, revenue stability, and robust compliance mechanisms. It also enters a field where competitors like Coinbase have already set high benchmarks for transparency and innovation.

Still, if the IPO proceeds and is well received, it could trigger a new wave of listings among crypto infrastructure companies, from custodians to analytics platforms.

Bullish’s confidential IPO filing marks a notable inflection point for the cryptocurrency industry’s maturation process. With Peter Thiel’s backing and a technology-forward, compliance-driven model, Bullish may be well-positioned to win the confidence of Wall Street and Silicon Valley alike.

As more crypto players seek legitimacy in public markets, Bullish could emerge as a bellwether for the next phase of blockchain finance — one where code and compliance coexist.