Bullish Global Explores IPO Amid Expanding Crypto Market Presence

​​Bullish Global, a cryptocurrency exchange backed by billionaire investor Peter Thiel, is considering an initial public offering (IPO) as soon as this year, according to people familiar with the matter. The company is working with Jefferies Financial Group Inc. on a potential listing, though discussions remain ongoing, and details of the offering could change.

Founded in 2021 by blockchain software firm Block.one, Bullish was launched with approximately $10 billion in digital assets and cash. Led by CEO Tom Farley, the exchange operates offices in the U.S., Hong Kong, Singapore, Gibraltar, and the Cayman Islands. In 2023, Bullish acquired crypto media outlet CoinDesk from Digital Currency Group, though financial terms of the deal were not disclosed.

The company previously planned to go public via a special purpose acquisition company (SPAC) in 2021 but later shelved the plan. Now, amid improving market conditions and shifting industry expectations, Bullish is reevaluating its IPO strategy. Some analysts believe that a second term for Donald Trump, who has signaled a more crypto-friendly stance, could create a more favorable regulatory environment for firms like Bullish.

Meanwhile, Bullish has been expanding its influence in the market. UK Financial Conduct Authority (FCA)-regulated crypto index provider CF Benchmarks recently announced the inclusion of Bullish Exchange in its suite of CME CF Bitcoin Reference Rates. These benchmarks are widely used in U.S. and Hong Kong spot Bitcoin ETFs as well as regulated crypto derivatives markets.

As discussions continue, the final structure of Bullish’s IPO plans remains subject to change. Representatives for Bullish and Jefferies declined to comment on the matter.