Crypto Exchange Bullish Global Considers Reviving Plans for an IPO

The company, which owns CoinDesk, is working with Jefferies Financial Group on the potential listing, Bloomberg reported.

Crypto exchange Bullish Global is reportedly considering an initial public offering (IPO) in 2025, according to Bloomberg, which cited people familiar with the matter.

The company, which owns CoinDesk, is working with Jefferies Financial Group on the potential listing, Bloomberg said.

The talks of an IPO come as the prices of bitcoin (BTC) and other cryptocurrencies have surged since Donald Trump won the U.S. election in November. The total crypto market has climbed to $3.15 trillion from $2.2 trillion. On Tuesday, U.S. crypto czar David Sacks spoke about a golden age for digital assets.

Led by CEO Tom Farley, Bullish has more than 275 employees worldwide in Hong Kong, the U.S. and Europe. It is a subsidiary of Block.one, a blockchain software company headed by Brendan Blumer, whose backers include Peter Thiel, Alan Howard and Richard Li.

Blumer, who also serves as Bullish's chairman, launched the company in 2021. Bullish has about $10 billion in digital assets and cash, according to the report. It had planned to go public via a special purpose acquisition company (SPAC) in 2021, but the plan was canceled the following year.

Discussions around the IPO are ongoing, including additional banking partners, Bloomberg said.

Representatives from Bullish and Block.one didn't respond to Bloomberg, and Jefferies declined to comment. A CoinDesk email to Bullish seeking comment was not answered before publication.