Bullish Global, the crypto exchange with billionaire Peter Thiel in its corner, is eyeing an initial public offering possibly this year, and they’ve brought in Jefferies Financial Group Inc. to help navigate this exciting venture.
If all goes according to plan, Bullish will join a growing list of crypto companies going public, especially with President Donald Trump might be more crypto-friendly.
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New frontiers for business
Under the leadership of CEO Tom Farley, Bullish is expanding its reach globally, with offices popping up in the U.S., Hong Kong, Singapore, Gibraltar, and the Cayman Islands.
This move towards an IPO comes as optimism grows in the crypto market, especially after a rough patch during the Biden administration when going public was a tough nut to crack for many firms.
When Bullish first announced plans to go public back in 2021 through a SPAC, that didn’t pan out. But now, with market conditions looking a bit brighter and regulations becoming clearer, they’re back on the IPO track.
The company is a subsidiary of Block.one, which is also backed by Thiel and other big names like Alan Howard and Louis Bacon.
Finally, competent business regulations
Crypto companies are itching to re-enter the IPO scene as the regulatory environment shifts. Gary Gensler, the previous SEC chair under Biden was pretty slow on the uptake regarding crypto filings, which left firms like Circle hanging when they tried to go public through a SPAC merger.
After FTX’s collapse sent investors and the whole market into the chaos, Circle decided to pull the plug on its plans last December.
New winds
With Trump now in office and promising to roll back Biden’s and Gensler’s tough stance on digital assets, there’s renewed hope for companies like Circle and Kraken that want to go public. Circle has even refiled for a traditional IPO.
They’re all about transparency and trust, which is quite important in this space. As for Bullish’s IPO talks, details like timing and valuation are still up in the air, and more banks might jump on board to support this offering.
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