Peter Thiel-Backed Bullish Files for US IPO as Crypto Listings Surge

• Bullish has reportedly filed confidential IPO paperwork with the SEC, with Jefferies as lead underwriter.
• Circle’s blockbuster IPO performance has encouraged more crypto firms to pursue U.S. listings.
• Crypto exchange token listings have continued to outperform Bitcoin, Ether, and major stock indices on ROI.

Bullish, the cryptocurrency trading platform supported by billionaire investor Peter Thiel, has filed a confidential offering for a planned initial public offering with the U.S. Securities and Exchange Commission, according to sources as cited by the Financial Times. This means the second major trading platform for cryptocurrencies plans to list on the stock markets as the interest of investors in digital infrastructure heats up.

According to the report, the lead underwriter for the deal will be investment bank Jefferies, which is a US-based bank. Bullish has not made any comments on the issue, so there is no confirmation on the timeline and valuation.

Nevertheless, the anonymous filing puts Bullish in a growing list of crypto companies that are lining up for public listings in a market environment that appears far friendlier than it did during the last IPO cycle. Traders and institutions have warmed up again to the idea of crypto investments, while the regulatory environment in the U.S. has become more constructive under President Donald Trump’s leadership.

Bullish makes another run at public markets

Bullish has tried this path before. In 2021, the exchange attempted to go public through a SPAC merger, but the plan collapsed as macro conditions turned hostile. Interest rates surged, risk assets lost momentum, and crypto markets entered a prolonged downturn. That environment killed many growth listings, especially those tied to digital assets.

Now the setup looks different. Public markets have welcomed new crypto names, and issuers view 2026 as a window to raise capital before political uncertainty rises again. Bullish also enters this race with a leadership team that can speak directly to institutional finance.

The exchange is led by CEO Tom Farley, a former president of NYSE Group, which gives Bullish a rare blend of crypto-native operations and traditional exchange expertise. Meanwhile, Thiel’s backing adds long-standing credibility in the tech and venture ecosystem. Thiel has supported Bitcoin early and previously donated to Trump’s 2016 campaign, which strengthens the narrative that policy tailwinds may persist.

Recent crypto IPO wins build momentum

Bullish’s reported filing follows several eye-catching moves across the sector. Circle, the issuer of USDC, raised $1.1 billion in its public debut last week and recorded a headline-grabbing 167% first-day gain, according to the report. That performance has encouraged other crypto firms to accelerate their own listing plans.

On June 6, Gemini, founded by Cameron and Tyler Winklevoss, also reportedly filed confidentially for a U.S. listing. In addition, social trading platform eToro debuted on Nasdaq on May 14 under the ticker ETOR, after submitting confidential paperwork and appointing Goldman Sachs to guide the process.

Together, these deals show a clear trend: crypto companies now want public market legitimacy, especially as U.S. regulation becomes clearer and institutional adoption becomes more structured.

Crypto exchange listings still outperform stock benchmarks

Despite the renewed IPO wave, a separate performance trend continues to stand out. Data suggests that crypto token listings on major exchanges have delivered stronger short-term returns than many traditional market benchmarks.

A CoinMarketCap report shared on April 3 found that the average ROI of crypto exchange listings exceeded 80% over the 180 days preceding March 2, 2025, beating both major stock indices and large-cap crypto assets. The report also said 68% of crypto listings delivered positive ROI, topping the NYSE’s 54% and Nasdaq’s 51%.

That performance gap helps explain why both traders and companies continue to treat token markets as faster-moving capital formation engines than traditional equities.

If Bullish completes its IPO, it will enter public markets at a time when crypto financial infrastructure is turning into a mainstream investment category while token listings continue to deliver outsized returns compared to legacy markets.

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