IPO Filing Signals Bullish Momentum in Digital Assets Market
Crypto exchange Bullish has confidentially filed for a U.S. initial public offering (IPO), marking a significant move as digital asset sentiment strengthens in 2025. The filing was made with the Securities and Exchange Commission (SEC) and allows the company to prepare for public listing while keeping its financials private at this stage.
This development reflects the rising institutional confidence and regulatory support for crypto markets under the current U.S. administration.
Favorable Policy Under Trump Drives Crypto Listings
The IPO filing follows the recent shift in U.S. regulatory stance, with the Trump administration easing crypto regulations and actively supporting digital asset innovation. This bullish environment has sparked a wave of public offerings in the crypto sector, including Circle’s IPO, which saw its shares surge over 160% on debut.
Bullish aims to ride the wave of positive sentiment, especially as bitcoin continues to trade above $110,000.
Strategic Leadership and Strong Backing
Bullish is led by Tom Farley, a former president of NYSE Group, and chaired by Brendan Blumer of Block.one. The company is also backed by high-profile investor Peter Thiel, co-founder of PayPal and an early backer of Meta.
This leadership structure provides institutional credibility and strategic experience, which could enhance investor confidence as the company prepares to go public.
From Failed SPAC to Confidential IPO
Bullish previously attempted to list via a SPAC merger in 2021, but the deal was abandoned amid market volatility. This time, the company has opted for a confidential IPO approach, a route that offers flexibility and timing advantages.
With crypto markets stabilizing and investor appetite returning, Bullish sees an opportune moment to re-enter the public markets.
What’s Next for Bullish?
The exchange, which operates under Gibraltar regulatory oversight, could play a central role in the next wave of regulated crypto trading platforms. The IPO, once confirmed, would signal increasing maturity of the digital asset industry and open the door for broader institutional participation.
Bullish’s move reflects a growing trend: crypto firms are stepping into mainstream finance as regulatory clarity improves and investor demand returns.