Peter Thiel-backed crypto exchange Bullish has confidentially filed for an initial public offering (IPO) in the U.S., according to a report by the Financial Times (FT). Citing individuals familiar with the matter, the FT revealed that Bullish submitted paperwork to the U.S. Securities and Exchange Commission (SEC) in recent weeks.

This move marks Bullish's second attempt to go public. The company previously sought a listing through a special purpose acquisition company (SPAC) in 2021, but the deal collapsed in 2022 due to market volatility and rising interest rates.

According to the FT, Jefferies is expected to serve as the lead underwriter for the offering. A confidential IPO process allows companies to progress with their listing preparations without publicly disclosing financial details until they are closer to going public.

Bullish, which counts billionaire Peter Thiel as an investor, is a regulated and audited global cryptocurrency exchange with tier-1 licenses, according to its website. Founded in 2021, Bullish Global has offices in Hong Kong, Singapore, New York, London, Frankfurt, Gibraltar, and the Cayman Islands. The company describes itself as a blockchain-based crypto exchange offering "market leading order depth and consistently tight spreads."

The company is owned by blockchain firm Block.one, and in 2023, it acquired CoinDesk, a prominent crypto media outlet, from Digital Currency Group for an undisclosed sum. Bullish started with approximately $10 billion in digital assets and cash.

Bullish's IPO attempt comes amid a resurgence in the crypto market, fueled by policy shifts and renewed investor interest in digital assets. The Trump administration, in contrast to its predecessor, has adopted a more supportive stance on crypto regulation, backing the industry's policy priorities.

The filing follows Circle's blockbuster debut last week, during which its stock price soared nearly 200%. Circle's shares closed down 8.1% at $105.91 on Tuesday but remained well above their initial public offering (IPO) price of $31, according to Yahoo Finance data. Gemini, a crypto exchange run by billionaire twins Tyler and Cameron Winklevoss, also recently disclosed a confidential filing for a U.S. IPO.

The recent surge in Bitcoin prices, surpassing $100,000, has further fueled capital inflows into crypto-related listings. Bullish's move to go public aligns with this renewed enthusiasm and a more favorable regulatory environment.

Bullish is positioning itself as a blockchain-native exchange, offering deep liquidity and tight spreads. Tom Farley, CEO of Bullish and former president of the NYSE Group, brings institutional-grade governance to the blockchain. With Thiel's backing and Farley's leadership, the company hopes to capitalize on political support and investor optimism for a successful Wall Street listing.