Bullish Aims to Take Crypto Exchange Public Following Circle’s Success

Cryptocurrency exchange Bullish has reportedly resurrected its plans to go public.

The company has confidentiality filed paperwork for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), according to a Wednesday (June 11) Financial Times (FT) report citing two sources familiar with the matter.

PYMNTS has contacted Bullish for comment but has not yet gotten a reply.

Bullish tried to go public in 2021 via a merger with special purpose acquisition company (SPAC) Fair Peak. However, the two firms called off the plan due to regulatory hurdles in late 2022.

But that was under a different administration. With crypto-friendly President Donald Trump in office, investors have grown much more enthusiastic about cryptocurrency. The administration’s pro-crypto stance has helped bring the price of bitcoin to record levels, and inspired other digital asset firms to seek public listings.

These include Circle, which raised $1.1 billion last week with its IPO, more than doubling expectations. The FT report notes that the company surged 168% on its market debut. That’s the largest-ever first day stock price increase for a billion-dollar U.S. listing, according to Renaissance Capital, which monitors. IPO issuance.

The report also points out that Circle’s success seems to have spurred other crypto companies to follow in its footsteps. Aside from Bullish, Gemini — the crypto exchange run by the Winklevoss brothers — confidentially filed for its IPO last week.

Writing about Circle’s listing last week, PYMNTS noted that the company still faces numerous challenges despite the recent fanfare.

For one thing, the market around stablecoins has grown increasingly competitive. The big banks that helped take Circle public are also weighing the idea of issuing stablecoins of their own. As covered here in May, JPMorgan Chase, Bank of America, Wells Fargo and Citigroup are exploring the creation of a jointly operated stablecoin.

This might be why Circle is hedging its bets by expanding its product line-up. In late May, the company announced the launch of the Circle Payments Network (CPN) is now live, enabling stablecoin-powered cross-border payments.

Still stablecoins’ integration into the mainstream financial system is not without friction, with issues around consumer protection, systemic risk and monetary policy still unresolved.

“Ultimately, however, Circle’s IPO is not just a financial milestone; it’s a statement of intent,” the report added. “It tells the world that stablecoins have graduated from the experimental phase and are ready to play a central role in the future of money.”

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