Peter Thiel-Backed Crypto Exchange Reportedly Plans IPO In 2025 Amid Bitcoin And Digital Currency Boom

Benzinga
02-05

In the wake of a significant upswing in the cryptocurrency market, crypto exchange Bullish Global is reportedly contemplating an initial public offering (IPO) in 2025.

What Happened: Bullish Global, a subsidiary of Block.one, is considering its first public share sale in 2025, as per a Bloomberg report on Wednesday. The company is said to be collaborating with Jefferies Financial Group on the potential listing.

Bullish Global, led by CEO Tom Farley, has over 275 employees globally and operates in Hong Kong, the U.S., and Europe. The parent company, Block.one, is steered by Brendan Blumer and has the backing of Peter Thiel, Alan Howard, and Richard Li.

Founded in 2021, Bullish manages approximately $10 billion in digital assets and cash. The company initially planned to go public through a special purpose acquisition company (SPAC) in 2021, but the plan was put on hold the following year.

Bullish Global did not immediately respond to Benzinga’s request for comment.

SEE ALSO: If You Invested $1,000 In Bitcoin When Robert F. Kennedy Jr. Said He Bought 2 BTC Each For His Kids, Here’s How Much You’d Have Now

Why It Matters: The IPO discussions coincide with a significant rise in the prices of Bitcoin BTC/USD and other cryptocurrencies since the U.S. election in November, with the total crypto market value escalating to over $3 trillion from nearly $2 trillion. Crypto enthusiasts are optimistic of better regulations under the Trump administration. One of the significant moves on this front is the SEC’s withdrawal of the SAB 121 accounting norm, which mandated banks and financial institutions to disclose cryptocurrencies as a liability on their balance sheet.

The U.S. House of Representatives and Senate are also establishing a joint task force to push forward cryptocurrency legislation. Venture Capitalist, David Sacks, appointed as the ‘crypto czar‘ by President Donald Trump, unveiled a pro-crypto agenda on Tuesday, stating his goal of securing American leadership in digital assets.

  • READ MORE: ‘Crypto Czar’ Charm Offensive Welcomed, But Experts Wonder: Will US Policy Deliver?

Image via Shutterstock

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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