Billionaire Peter Thiel-backed cryptocurrency exchange Bullish Global confidentially filed paperwork with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) on June 11, 2025. Bullish, which launched in 2021 with a $10 billion valuation and primarily serves institutional clients, aims to capitalise on favourable market conditions as bitcoin prices have risen more than 20% since the beginning of the year as of June 2025. The company's move signals growing institutional acceptance of the crypto market, particularly following the introduction of bitcoin ETFs in the US and regulatory clarity.
Bullish previously attempted to go public in 2021 through a $9 billion SPAC deal with Far Peak Acquisition, but this plan was terminated in December 2022 due to adverse market conditions. The current IPO initiative is backed by prominent investors including Peter Thiel's Thiel Capital and Founders Fund, billionaire Richard Li, Christian Angermayer's Apeiron Investment Group, as well as financial institutions Galaxy Digital and Nomura. If successful, Bullish would join cryptocurrency companies like Coinbase, which went public in 2021 and has seen its shares surge significantly, rising nearly 400% over the past 12 months.
The Bullish IPO represents another sign of the crypto market's revival, supported by strong demand for bitcoin ETFs and growing interest from institutional investors. The exact timing and valuation of the company's public debut remain unknown as the filing was submitted confidentially. Despite cryptocurrency market volatility, investor confidence is strengthened by the prominent founders and investors behind Bullish, including Block.one, which invested $100 million and 164,000 bitcoins (valued at approximately $9 billion at the time) into the company at its 2021 launch.
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James Van Straten
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