Bullish IPO Ignites Market: Peter Thiel-Backed Crypto Exchange Goes Public

Wall Street meets blockchain—again. Bullish, the crypto exchange heavyweight bankrolled by Peter Thiel, just filed its IPO paperwork. Cue the institutional investors pretending they 'always believed' in digital assets.

Why this matters: Thiel's stamp of approval signals crypto's creeping legitimacy in traditional finance circles—even as purists groan about 'selling out.' Bullish's liquidity-first model could shake up the exchange landscape, or become another cautionary tale of overhyped tech valuations.

The cynical take: Another 'Web3' company takes the exit ramp to fiat profitability. Will retail traders get front-run by VC insiders (again)? Place your bets.

Crypto companies and IPO momentum

Bullish has filed for listing on the NYSE just days after announcing its registration of FORM F-1 with the U.S. Securities and Exchange Commission in July. 

The platform’s plans align with overall bullishness across the digital asset industry as the U.S. takes major steps towards regulatory clarity for cryptocurrencies. Recent milestones include the landmark GENIUS Act and SEC’s launch of Project Crypto.

Crypto giants that currently trade publicly in the U.S. include Coinbase and stablecoin issuer Circle, which went live on the NYSE in June. CRCL surged on debut and continues to trade more than 400% above its listing price despite overall crypto turbulence.

Trading platform also listed on Nasdaq in June, while Grayscale Investments has submitted an S-1 registration with the SEC. OKX and BitGo are also weighing up IPOs.

Bullish, which is making a second attempt at going public, hopes to tap into this momentum. Apart from the United States, the exchange is regulated in Germany, Hong Kong, and Gibraltar.