Bullish, a crypto exchange founded by EOS creator Block.one and backed by investor Peter Thiel, has filed confidentially for a US IPO with the SEC.
The move aims to capitalize on rising investor enthusiasm for digital assets and hopes that a Trump-era administration will offer a lighter regulatory touch.
According to the Financial Times, the cryptocurrency exchange Bullish has recently confidentially filed IPO documents with the U.S. Securities and Exchange Commission, aiming to capitalize on the Trump administration’s pro-digital asset policies to go public. Bullish is an…
— Wu Blockchain (@WuBlockchain) June 11, 2025
Block.one’s Bullish has strategically expanded by acquiring CoinDesk in 2023, marking its entry into the crypto media space. The venture is supported by prominent investor Peter Thiel through Founders Fund, amid a noticeable rise in investor interest in the crypto market.
Positioned to capitalize on potential US crypto-friendly regulations, especially under Trump’s deregulatory promises, Bullish faces substantial regulatory risks, including SEC scrutiny and shifting compliance standards. The platform also encounters fierce competition from both decentralized and regulated exchanges, as well as emerging publicly traded rivals.
Market sentiment will be crucial, given the inherent volatility of crypto prices and investor confidence. A successful IPO for Bullish would be a significant landmark, potentially establishing it as one of the first crypto-native exchanges listed on Wall Street. For Bullish, an IPO represents more than capital raising; it signifies crucial legitimacy within a market often considered speculative. For investors, it offers a valuable opportunity to directly engage with the core infrastructure of the crypto economy.
Notably, Circle Internet Group Inc. updated its plans for its Initial Public Offering (IPO) on the New York Stock Exchange. It highlights Circle’s decision to increase the IPO price to $31 per share, aiming to raise around $1.05 billion, a significant rise from earlier projections.
Meanwhile, institutional interest in digital assets is growing beyond the U.S. BlackRock, the world’s largest asset manager, reported $3 billion in digital asset ETF inflows in Q1 2025, following regulatory approval to operate as a crypto asset firm in the UK.
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