Crypto Exchange Bullish, Backed by Peter Thiel, Eyes IPO Amid Market Optimism
Bullish Global, a cryptocurrency exchange operator backed by prominent investors like billionaire Peter Thiel, is considering an initial public offering (IPO) as soon as this year, according to people familiar with the matter. The company, known for its ties to blockchain software firm Block.one, is working with Jefferies Financial Group Inc. on the potential listing.
Joining the Public Markets: A Growing Trend for Crypto Firms
An IPO would add Bullish to a growing list of crypto companies pursuing public listings, fueled by renewed optimism surrounding the digital asset market and a potentially more favorable regulatory environment.
A Closer Look at Bullish: Leadership, Locations, and Acquisitions
Led by CEO Tom Farley, Bullish operates from multiple locations, including the U.S., Hong Kong, Singapore, Gibraltar, and the Cayman Islands, and employs over 275 people. In 2023, the company expanded its portfolio by acquiring the crypto news outlet CoinDesk from Digital Currency Group for an undisclosed sum.
Block.one's Influence: A $10 Billion Infusion
Bullish is a subsidiary of Block.one, a blockchain software company co-founded and led by Brendan Blumer, who also serves as Bullish's chairman. Block.one initially capitalized Bullish in 2021 with a substantial $10 billion in digital assets and cash. Block.one itself is notable for its 2018 initial coin offering (ICO), which raised a record-breaking $4 billion but later resulted in a $24 million fine from the U.S. Securities and Exchange Commission (SEC) for failing to register the ICO.
From SPAC Plans to IPO Talks: Bullish's Path to the Public Markets
Bullish had previously announced plans in 2021 to go public through a special purpose acquisition vehicle (SPAC) but subsequently put those plans on hold.
Sources indicate that deliberations regarding the IPO are ongoing, and details of the offering could change. Representatives for Bullish, Block.one, and Jefferies have either declined to comment or did not immediately respond to requests for comment.