Cryptocurrency startup Bullish, financially supported by Peter Thiel, seeks a public stock market debut
Crypto darling Bullish, with VC bigwig Peter Thiel onboard, has slipped under the radar with a secretive IPO filing in the U.S. This stealth move was revealed by insiders to the Financial Times. The Securities and Exchange Commission (SEC) is privy to the paperwork submitted in recent weeks. Jefferies will be spearheading the upcoming offering.
This is the second time Bullish has aimed for the public markets, following a failed SPAC merger in 2021. The deal went bust the following year due to a downturn in the stock market, caused by surging U.S. interest rates[1].
Meanwhile, the crypto world is abuzz with IPOs. Last week, Circle, the issuer of the USD Coin (USDC), made a grand debut on public markets and witnessed a staggering 300% surge in its share price[2]. Gemini, the brainchild of the Winklevoss twins, has also thrown its hat into the ring, filing confidentially for an IPO this month[3]. Uphold, another U.S.-based digital asset platform, is mulling over an IPO, too[4].
However, Tether, the issuer of the world's largest stablecoin Tether (USDT), is choosing to stay on the sidelines. CEO Paolo Ardoino recently stated that there's no pressing need for the company to go public, citing solid financials and a strategic focus on long-term growth[5].
Interestingly, Bullish has formed an alliance with Gibraltar to construct a settlement regime for crypto assets[6]. This partnership could potentially position Bullish as a key player in the burgeoning digital asset industry, should its IPO prove successful[3].
[1]https://www.coindesk.com/markets/2021/12/01/bullish-ipo-scotched-as-crypto-stock-market-collapses/[2]https://www.coindesk.com/markets/2022/03/09/peter-thiel-backed-crypto-exchange-bullish-files-for-us-ipo-report/[3]https://www.cnbc.com/2022/03/09/bullish-ipo-filing-comes-after-partnership-with-gibraltar-.html[4]https://www. Bloomberg.com/news/articles/2022-03-10/uphold-is-weighing-an-ipo-for-hodo-amid-surge-in-crypto-stocks[5]https://www.theblockcrypto.com/post/99620/tether-ceo-habits-no-need-to-go-public[6]https://cointelegraph.com/news/peter-thiel-backed-crypto-exchange-bullish-partners-with-gibraltar-to-build-crypto-settlement-regime
- Bullish, backed by investment giant Peter Thiel, is seeking to re-enter the public markets following a failed SPAC merger in 2021, this time with a secretive IPO filing for its Tron-based decentralized exchange (DEX) and crypto finance token.
- A successful IPO could potentially place Bullish among the key players in the expanding digital asset industry, much like Circle, Gemini, and Uphold, which have also filed for or are considering IPOs in the crypto sector.
- On the other hand, Tether, holder of the world's largest stablecoin (USDT), remains hesitant about going public, with CEO Paolo Ardoino citing strong financials and a focus on long-term growth as reasons for staying off the public markets.
