Bullish Files Confidential Paperwork for US IPO Under Jefferies
Crypto exchange Bullish is preparing for a public listing in the U.S., having filed confidential paperwork with regulators. Key details include:
- Jefferies named as lead underwriter for the IPO.
- Bullish is a subsidiary of Block.one, launched in 2021 with an estimated $10 billion in assets.
- Previous attempt at going public via SPAC in 2021 failed due to market conditions.
- Current CEO Tom Farley, former President of the NYSE, leads the company.
- Discussions about the offering are ongoing; additional banks may be involved.
Market Context
This move coincides with increased crypto IPO activity:
- Circle, issuer of USDC stablecoin, completed a $1.1 billion IPO with shares rising 167% on the first trading day.
- eToro went public on Nasdaq in May, with shares up 30% from its IPO price.
- Gemini filed confidentially for a U.S. listing earlier this month.
- Ripple is exploring an IPO, pending resolution of its SEC lawsuit regarding XRP.
If market conditions remain favorable, Bullish could join the ranks of digital asset firms publicly listed on Wall Street.