Cryptocurrency exchange Bullish, owned by Block.one, has confidentially filed IPO paperwork with the U.S. Securities and Exchange Commission in recent weeks, according to the Financial Times
The move marks Bullish’s renewed effort following a failed SPAC attempt in 2021, which was abandoned amid elevated regulatory scrutiny and rising U.S. interest rates.
Bullish IPO Filing Rides Trump’s Pro-Crypto Shift, Reversing Biden-Era Clampdown
The filing aims to take advantage of the pro-crypto tilt under the Trump administration, contrasting sharply with the previous administration’s tougher stance.
Under the current regulatory climate, the SEC has reportedly eased off investigations into digital asset firms, and investor enthusiasm has surged. This optimism is reflected in the resurgence of crypto IPO activity, such as Circle’s blockbuster $1.1 billion IPO and Gemini’s own confidential filing
Also Read: Japanese Financial Giant SBI & Shinsei Bank Back Circle With $50M Investment After IPO
Bullish’s IPO Comes Amid Rise in Institutional Interest
Bullish, backed by Peter Thiel and led by former NYSE President Tom Farley, emphasizes deep liquidity and narrow spreads on its blockchain-powered platform
The firm also expanded its footprint by acquiring CoinDesk in 2023, aligning media and exchange operations under its umbrella .
This confidential IPO move positions Bullish to ride the growing institutional and public interest in digital assets — a trend amplifying amid a more friendly U.S. policy environment.
US Witnesses Rise in Crypto IPOs
U.S. crypto IPOs are resurging, led by Circle’s blockbuster listing, which raised $1.1 billion and saw its shares surge nearly 123% on debut—rocketing from a listing price of $31 to around opening at $69.
This retail frenzy reflects broader investor appetite following bullish regulatory sentiment. Riding this momentum, exchanges like Gemini (Winklevoss twins) and Bullish (backed by Peter Thiel) haveed confidentially filed for IPOs.
Analysts view Circle’s performance as a catalyst: as Renaissance Capital noted, “Crypto firms would be crazy not to move ahead…” with listings
The wave of offerings, from stablecoin issuers to trading platforms, is seen as a tipping point, solidifying digital assets’ integration into mainstream financial markets.
Rise in US IPO Comes Amid Trump’s Softer Stance in Crypto
Under President Trump’s current term, the U.S. government has adopted a notably softer stance on crypto—one that’s directly enabling rising IPO activity.
His January 2025 executive order, “Strengthening American Leadership in Digital Financial Technology,” revoked Biden-era crypto restrictions, created a presidential crypto working group, and banned CBDC development.
The SEC, now under Acting Chair Mark Uyeda with Paul Atkins tapped as full chair, dismantled its enforcement unit, rescinded SAB 121, and launched a pro-crypto task force headed by Hester Peirce.
The commission dropped lawsuits or paused enforcement against Coinbase, Binance, Kraken, Robinhood and others.
Combined with these deregulatory signals and congressional movement like FIT21, this environment has boosted investor confidence and paved the way for major listings like Circle, Gemini, and Bullish.