Bullish—Backed by Peter Thiel—Charges Toward US IPO as Crypto Markets Heat Up

Silicon Valley and Wall Street collide as the crypto exchange rides the digital asset rally.

Bullish, the crypto heavyweight with Peter Thiel''s stamp of approval, just filed for a US IPO—timing it like a trader front-running a pump. The move comes as Bitcoin flirts with all-time highs and institutional money starts nibbling at altcoins again.

Behind the scenes: Thiel''s Founders Fund has been quietly accumulating crypto positions since 2023. Now they''re cashing in on the infrastructure play—because why trade volatility when you can sell the shovels?

The cynical take: Nothing says ''market top'' like a crypto IPO hitting right as retail FOMO returns. But hey—if the SEC greenlights this, maybe they''ll finally approve that Bitcoin ETF everyone forgot about.

Bullish Eyes Wall Street As Trump Era Revives Crypto Optimism

Bullish’s renewed IPO push comes as the US crypto market shows fresh signs of life. Since Donald Trump returned to office, his administration has taken a markedly more supportive stance on digital assets, rolling back restrictions imposed under President Joe Biden.

Trump has spoken favorably of Bitcoin in recent months, even after previously calling it a scam. His family has leaned into crypto too, with sons Donald Jr and Eric recently voicing support at a blockchain conference in Las Vegas.

Crypto Exchanges Capitalize on Renewed Enthusiasm and Policy Shifts

Bitcoin prices have surged past the US$100,000 mark, fueling a rush of capital into crypto-related listings. Last week, stablecoin issuer Circle raised $1.1b in its IPO and soared 168 percent on debut, delivering the strongest first-day gain for a billion-dollar US listing, according to Renaissance Capital.

Buoyed by that momentum, Gemini, the exchange run by the Winklevoss twins, also filed confidentially for a US IPO last Friday. Both Cameron and Tyler Winklevoss have been vocal backers of Trump’s re-election efforts and support crypto-friendly policymaking.

Bullish positions itself as a blockchain-native exchange offering deep liquidity and tight spreads. CEO Tom Farley, a veteran of traditional finance, previously served as president of the NYSE Group. With Farley at the helm and Thiel’s backing, the firm now hopes to ride the wave of political support and investor Optimism to a successful Wall Street listing.

The move signals a broader shift in the crypto landscape, as once-skeptical regulators and investors show new openness to integrating digital assets into mainstream finance.