eToro and Circle’s Success Opens Up Crypto Public Listing Gates: Bullish Files for IPO

Cryptocurrency exchange Bullish, backed by billionaire Peter Thiel, has confidentially filed for an initial public offering (IPO) in the United States, according to a report by the Financial Times. The filing came after the IPO success of eToro and Circle.

Another Crypto IPO Around the Corner

The report cited “two people familiar with the situation” who said the crypto exchange filed its IPO paperwork with the Securities and Exchange Commission (SEC) “in recent weeks.”

However, the IPO size or the desired valuation of the company remains unknown.

You may also like: After Circle's Bumper Stock Market Listing, Is 2025 Going to Be the Year of Crypto IPO?

Although not officially confirmed, this would be Bullish's second attempt to go public. In 2021, the company inked a deal with a blank-cheque company for a public listing; however, the deal did not materialise, as the stock markets fell in the following year due to rising interest rates.

In the collapsed SPAC deal, Bullish was expected to raise $600 million at a valuation of $9 billion.

Prominent angel investors like Peter Thiel and hedge fund giants Alan Howard and Louis Bacon back Bullish. Based and licensed in Gibraltar, the cryptocurrency exchange launched its services in December last year. It offers services to eligible users and institutions in some Asia-Pacific, European, African, and Latin American jurisdictions.

The exchange also bought CoinDesk, a prominent crypto-focused online publication, in 2023.

For the prospective IPO, Bullish has selected Jefferies as the lead underwriter.

Investors Are Bullish on Crypto IPOs

Following Donald Trump’s return to the White House, many crypto-related companies are considering going public. Stablecoin issuer Circle already debuted on Nasdaq recently, raising $1.1 billion in its IPO. Its shares also soared 168 per cent on the first day, which was the biggest-ever first-day stock price increase for a billion-dollar US listing, according to Renaissance Capital.

Another company that had a recent bumper IPO in the US was eToro. The Israeli company listed itself at a valuation of $4.2 billion in an upsized IPO last month. Although eToro has a broad presence in retail trading, a massive portion of its commission income comes from crypto trading.

Read more: eToro’s Q1 2025 Shows Strong User Growth and $14.8 Billion AUA Despite Profit Dip

Gemini, backed by the Winklevoss twins, is another crypto exchange that has filed its papers for an IPO. Ripple, Kraken, and Consensys are other crypto companies that are considering going public in the near future.