Bullish Global, a crypto-assets exchange operator backed by billionaire Peter Thiel, is exploring an initial public offering (IPO) as early as this year, according to sources familiar with the matter.
The company is reportedly working with Jefferies Financial Group Inc. and JPMorgan Chase & Co. on the potential listing.
The potential IPO would mark Bullish Global’s entry into a growing list of crypto companies going public.
This trend is expected to continue, driven by anticipation of a pro-crypto agenda under the current administration.
Bullish Global, led by CEO Tom Farley, has over 275 employees and operates in multiple locations, including the US, Hong Kong, and Singapore.
The company acquired media outlet CoinDesk in 2023 and is a subsidiary of blockchain software company Block.one.
Block.one’s History Block.one, co-founded by Brendan Blumer, raised $4 billion in 2018 through an initial coin offering (ICO). However, the company failed to register the ICO with the US Securities and Exchange Commission (SEC), resulting in a $24 million fine.
Bullish Global initially planned to go public through a special purpose acquisition vehicle (SPAC) in 2021 but put those plans on hold.
The company’s current IPO deliberations are ongoing, and details of the offering may change.
Bullish Global’s consideration of an IPO reflects the growing interest in crypto assets and the increasing trend of crypto companies going public.
However, the company’s history, including its association with Block.one’s unregistered ICO, may raise concerns among investors.
As the crypto market continues to evolve, it remains to be seen how Bullish Global’s IPO plans will unfold.
As reported in January 2025, Bullish Group, one of the providers of digital asset market infrastructure and information services, announced that its German digital asset trading business received crypto-asset custody, proprietary trading, and principal brokerage licenses from the German Federal Financial Supervisory Authority (BaFin) on December 20, 2024.
This development reportedly marks a significant step in strengthening Bullish’s position within the European Union.
Tom Farley, Bullish CEO said:
“Germany’s position as a leading financial hub and its rapidly growing digital asset market present a significant opportunity. We are excited to bring our trusted capabilities to this dynamic market, providing institutions and professional investors with a secure, regulated environment for digital asset trading.”
Bullish DE’s launch in Germany positions the business to expand its services across the European Economic Area under “the MiCA regulatory framework that came into full effect in the European Union on December 30, 2024, subject to regulatory approval.”