Crypto exchange Bullish has confidentially filed paperwork for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), according to a Financial Times report citing sources familiar with the matter.
Bullish previously attempted to go public in 2021 through a merger with the special purpose acquisition company Fair Peak, but the deal was abandoned in late 2022 due to regulatory challenges.
The current pro-crypto stance under the Biden administration, which has driven bitcoin prices to record highs, has renewed investor interest in digital asset companies pursuing public listings. Inspired by this environment, Bullish and other exchanges like Gemini, run by the Winklevoss twins, have moved toward IPO filings.
Circle, a major player in stablecoins, recently raised $1.1 billion through its IPO, surging 168% on its market debut—the largest first-day gain ever for a billion-dollar U.S. IPO, according to Renaissance Capital.
Despite the strong start, Circle faces challenges amid growing competition in the stablecoin market. Major banks including JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup are exploring jointly issuing stablecoins, adding pressure to Circle’s market position.
To diversify, Circle launched the Circle Payments Network in late May, enabling stablecoin-powered cross-border payments.
While stablecoins gain traction, integration into the broader financial system raises concerns about consumer protection, systemic risk, and monetary policy.
“Circle’s IPO is not just a financial milestone; it’s a statement of intent. It signals that stablecoins have moved beyond experimentation and are poised to play a central role in the future of money.”