Crypto Comeback: Peter Thiel-Backed Bullish Secretly Files for IPO in the U.S.

Peter Thiel-Backed Crypto Firm Bullish Secretly Files for US IPO

In a major sign of renewed momentum in the crypto world, Bullish, a crypto exchange supported by tech billionaire Peter Thiel, has confidentially filed for a U.S. IPO, according to a report by the Financial Times on Tuesday.

This move comes just weeks after rival crypto platform Gemini, run by the Winklevoss twins, also filed confidentially for an IPO, signaling a potential return of crypto firms to public markets.

Let’s break down what this means and why it matters.

 What Is Bullish and Why Is This IPO Important

A High-Profile Backer and Blockchain Pedigree

Bullish is a crypto exchange launched by Block.one, a blockchain software company. It was built to offer institutional-grade trading and liquidity services for digital assets. Backed by billionaire investor Peter Thiel, Bullish gained attention as a major player attempting to blend traditional finance stability with crypto innovation.

A Second Attempt at Going Public

This isn’t Bullish’s first try. In 2021, Bullish planned to go public via a SPAC (Special Purpose Acquisition Company) merger. However, that deal collapsed in 2022 due to:

• Increasing regulatory scrutiny of the crypto sector

• Rising interest rates that shook investor confidence

• A broader market downturn across tech and digital assets

Now, with market conditions shifting again, Bullish is giving the public route another shot.

 Why Now The Political Climate Favors Crypto

Trump-Era Policies Driving New Optimism

The Financial Times report highlights a key factor behind the timing of Bullish’s IPO filing: the friendlier stance of the Trump administration toward the crypto industry.

Compared to the tougher regulatory tone under President Joe Biden, the current administration has:

• Dropped multiple SEC investigations into crypto projects

• Softened regulatory enforcement, making the environment more business-friendly

• Backed industry-favored policies, potentially encouraging institutional adoption

Bullish appears to be seizing this moment of regulatory breathing room to re-enter the IPO race.

 Why the Filing Is Confidential

Like many high-profile IPOs, Bullish’s filing with the U.S. Securities and Exchange Commission (SEC) is confidential. This is a common strategy that allows companies to:

• Gauge market interest before making the filing public

• Adjust plans privately based on regulatory feedback

• Control the narrative without triggering massive speculation

It also prevents immediate scrutiny while the firm irons out the details.

 What Happened to Bullish’s First IPO Plan

Back in 2021, Bullish had ambitious plans to go public via a SPAC in a deal valued at $9 billion. But by 2022, everything unraveled:

• The SEC began cracking down on token sales and exchange operations

• Crypto prices plunged across the board

• Investors fled riskier assets due to Federal Reserve interest rate hikes

This led to the termination of the SPAC deal, leaving Bullish out of the public markets — until now.

 Bullish Joins a Wave of Crypto IPO Hopefuls

Bullish isn’t alone in its ambitions. Just last week, Gemini, the exchange founded by Tyler and Cameron Winklevoss, also filed confidentially for an IPO.

What This Signals for the Crypto Market

• Renewed investor interest in digital assets

• Improved regulatory outlook, at least temporarily

• A push from crypto companies to gain credibility through public listings

If Bullish and Gemini succeed, they could pave the way for more crypto firms to follow.

 What Do the Experts Say

While Bullish has not publicly confirmed the report, experts believe this could mark a turning point for crypto companies seeking mainstream legitimacy.

“This shows that serious players still see potential in crypto long-term,” said one market analyst. “Going public can help bring transparency and accountability to an industry that’s often criticized for lacking both.”

Still, challenges remain — particularly if regulatory tides shift again or market volatility returns.

 Will Bullish’s IPO Spark a New Crypto Boom

There’s no guarantee that Bullish will complete its IPO or that investors will embrace it. But the very act of filing suggests:

• Confidence in market conditions improving

• Strategic timing to align with a more favorable political climate

• A bet that the crypto winter is thawing

If Bullish succeeds, it could kickstart a fresh wave of public offerings in the crypto space, drawing Wall Street money back into the blockchain world.

 Is Crypto Going Public the Next Big Trend

Bullish’s confidential IPO filing, alongside Gemini’s, may mark a new era for crypto companies. After years of market turmoil and regulatory crackdowns, these firms appear ready to take the leap into the public spotlight once again.

While nothing is guaranteed, one thing is clear: crypto isn’t going anywhere, and the next big battle might be fought not on-chain — but on the stock market.

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