Crypto Exchange Bullish Files Confidential IPO in the U.S.

Crypto Exchange Bullish’s IPO Could Shake Up the Market

Crypto Exchange– Bullish, a cryptocurrency exchange backed by billionaire investor Peter Thiel, has confidentially filed for an initial public offering (IPO) in the United States, according to a report by the Financial Times citing sources familiar with the matter.

Confidential Filing with SEC

The exchange submitted its IPO paperwork to the U.S. Securities and Exchange Commission (SEC) in recent weeks. The confidential filing process allows companies to prepare for going public without revealing financial details until they near their listing date.

Jefferies to Lead Underwriting

Financial Times reported that investment bank Jefferies is expected to act as the lead underwriter for Bullish’s upcoming public offering, helping to guide the company through the IPO process.

Bullish’s Background and Previous IPO Attempt

Bullish operates as a regulated and audited global cryptocurrency exchange holding tier-1 licenses, as per its website. The company made headlines last year when it acquired crypto media platform CoinDesk from Digital Currency Group in November 2023.

Previously, Bullish tried to go public via a special purpose acquisition company (SPAC) in 2021, but the plan was not completed.

Market Context: Following Circle’s Strong Debut

Bullish’s IPO plans come shortly after Circle’s blockbuster debut on the stock market, which raised $1.1 billion last week. Circle’s shares soared nearly 200% initially but closed down 8.1% at $105.91 on Tuesday, well above its IPO price of $31, according to Yahoo Finance.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.