Bullish Global Revisits IPO Plans as Crypto Market Booms
Crypto exchange Bullish Global is once again exploring the possibility of going public, with a potential initial public offering (IPO) as early as 2025, Bloomberg reported, citing sources familiar with the matter.
The exchange, owned by blockchain firm Block.one and backed by investors like Peter Thiel and Richard Li, has reportedly enlisted Jefferies Financial Group to assist with the listing process.
Bullish had initially planned to go public via a special purpose acquisition company (SPAC) in 2021, but the effort was abandoned in 2022. Now, with Bitcoin (BTC) and the broader cryptocurrency market surging—partly fueled by Donald Trump’s presidential election victory—the company is revisiting its ambitions. The total crypto market cap has climbed from $2.2 trillion to $3.15 trillion, and U.S. crypto czar David Sacks recently described the current environment as a “golden age” for digital assets.
Led by CEO Tom Farley, Bullish operates globally, with a team of over 275 employees across Hong Kong, the U.S., and Europe. The company reportedly holds approximately $10 billion in digital assets and cash.
Discussions about the IPO are ongoing, with additional banking partners potentially joining the process, according to Bloomberg.
Representatives from Bullish and Block.one did not provide comments, while Jefferies declined to respond. A request for comment from CoinDesk also went unanswered before publication.
