Bullish, Thiel-Backed Crypto Exchange, Files for IPO
Bullish Formally Files for IPO in the US
Crypto exchange Bullish, backed by Peter Thiel, has officially filed for an initial public offering (IPO) in the United States. The filing with the SEC confirms earlier reports and highlights the company's financial performance.
Key Takeaways:
- The SEC filing validates a June report by the Financial Times that Bullish had confidentially submitted IPO paperwork.
- In 2023, Bullish reported $302 million in revenue and $150 million in net income.
Financial Overview and Future Plans
Founded in 2021, Bullish, a subsidiary of Block.one, holds $874 million in cash and manages $2.4 billion in customer assets. Its treasury includes $963 million in Bitcoin, $1 billion in EOS, and nearly $400 million in USD.
Operating under a regulatory license in Bermuda, Bullish aims to expand its services within the US, capitalizing on improved crypto sentiment and clearer regulatory signals.
Strategic Positioning
Bullish is positioning itself to capture more market share by offering transparent infrastructure and regulated services targeting institutional investors. The IPO occurs amid new US crypto legislation and increased regulatory clarity from the SEC.
Background and Previous Plans
Supported by notable investors like Peter Thiel, Galaxy Digital, and hedge fund figures such as Louis Bacon and Alan Howard, Bullish previously canceled a SPAC merger with Far Peak Acquisition in 2022.
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