Crypto Exchange Bullish Global Reportedly Exploring IPO in 2025: Bloomberg

Bullish Global Reconsiders IPO Amid Crypto Market Resurgence

Crypto exchange Bullish Global is weighing an initial public offering (IPO) in 2025, reviving plans it previously shelved in 2022, Bloomberg reported, citing sources familiar with the matter.

The exchange, owned by blockchain firm Block.one and backed by prominent investors like Peter Thiel and Richard Li, has reportedly partnered with Jefferies Financial Group to explore the potential listing.

Bullish originally aimed to go public through a special purpose acquisition company (SPAC) in 2021, but the plan was abandoned a year later. Now, with Bitcoin (BTC) and the broader crypto market experiencing renewed momentum—partially attributed to Donald Trump’s election victory—the company is reconsidering its IPO. Since November, the total crypto market cap has surged from $2.2 trillion to $3.15 trillion, and U.S. crypto czar David Sacks recently declared that digital assets are entering a “golden age.”

Under the leadership of CEO Tom Farley, Bullish operates with over 275 employees across multiple regions, including Hong Kong, the U.S., and Europe. The company holds an estimated $10 billion in digital assets and cash, according to Bloomberg.

Talks about the IPO are still in progress, with discussions of adding more banking partners.

Bullish and Block.one representatives did not respond to Bloomberg’s inquiries, while Jefferies declined to comment. CoinDesk also reached out to Bullish for comment but did not receive a response before publication.