Crypto Exchange Backed by Peter Thiel Confidentially Files for IPO With SEC: Report

The crypto exchange backed by tech billionaire Peter Thiel has reportedly filed for a US initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC).

Citing two people familiar with the matter, the Financial Times reports that in recent weeks, Bullish has confidentially filed the paperwork to start offering its shares to the public.

Confidential filings enable companies to pursue their listing plans sans immediately revealing their financials to minimize public scrutiny. Bullish also attempted to go public in 2021 through a special purpose acquisition vehicle, but the deal fell through the following year as the rising interest rates impacted stock markets.

The company is again eyeing to become a publicly-traded firm amid strong investor demand for crypto assets, which came as the US adopts industry-friendly policies under the Trump administration. Thiel donated to the president’s first election campaign in 2015 and 2016.

The report says the global investment banking firm Jefferies will work as the lead underwriter on the deal.

The stablecoin issuer Circle has also debuted on the stock market, raising $1.1 billion in its IPO last week. The company’s stock surged by 168.48 from the IPO price of $31.00 per share on its first day of trading on the New York Stock Exchange (NYSE).