This Peter Thiel-backed cryptocurrency exchange has filed for IPO
What's the story
Bullish, a cryptocurrency exchange backed by billionaire Peter Thiel, has filed for an initial public offering (IPO). The Cayman Islands-based company reported a net loss of $349 million on digital asset sales of $80 million in the first quarter. This is a stark contrast to the net income of $105 million on roughly similar sales during the same period last year.
Market trend
Crypto firms are increasingly seeking public listings
Bullish's IPO filing comes as a growing number of cryptocurrency companies seek public listings this year. These firms are exploring traditional IPOs, mergers with blank-check companies, or reverse takeovers. The most memorable example is stablecoin issuer Circle Internet Group Inc, whose stocks have skyrocketed by as much as 750% above their IPO price within a month after a $1.2 billion offering.
Future outlook
Digital assets industry entering next phase of growth: CEO
Tom Farley, the CEO of Bullish, said in a letter to investors that they intend to IPO because they believe the digital assets industry is entering its next phase of growth. He emphasized transparency and compliance as key principles of their operations at Bullish. Farley also said these values are well-aligned with public capital markets.
Business operations
Bullish offers crypto spot, margin, and derivatives trading
Bullish offers crypto spot trading, margin trading, as well as derivatives trading on its exchange. However, these services are not available in the US as of now. The company had previously announced plans to go public through a special purpose acquisition vehicle in 2021 but later shelved those plans.
Investor backing
IPO being led by JPMorgan, Citigroup, and Jefferies
The upcoming IPO is being led by JPMorgan Chase & Co, Jefferies Financial Group Inc, and Citigroup Inc. Bullish plans to list on the New York Stock Exchange under the symbol BLSH. Its major investors include Block.one CEO Brendan Blumer, Pu Luo Chung VC Private Ltd, Alexander See, and their affiliates.