eToro and Circle’s Success Opens Up Crypto Public | Crypto Work Pro
Cryptocurrency exchange Bullish, backed by billionaire Peter Thiel, has confidentially filed for an initial public offering (IPO) within the United States, based on a report by the Financial Times. The submitting got here after the IPO success of eToro and Circle.
Another Crypto IPO Around the Corner
The report cited “two people familiar with the situation” who stated the crypto exchange filed its IPO paperwork with the Securities and Exchange Commission (SEC) “in recent weeks.”
However, the IPO dimension or the specified valuation of the company stays unknown.
You might also like: After Circle’s Bumper Stock Market Listing, Is 2025 Going to Be the Year of Crypto IPO?
Although not formally confirmed, this might be Bullish’s second attempt to go public. In 2021, the company inked a deal with a blank-cheque company for a public itemizing; nevertheless, the deal didn’t materialise, because the stock markets fell within the following yr because of rising rates of interest.
In the collapsed SPAC deal, Bullish was anticipated to raise $600 million at a valuation of $9 billion.
Prominent angel traders like Peter Thiel and hedge fund giants Alan Howard and Louis Bacon back Bullish. Based and licensed in Gibraltar, the cryptocurrency exchange launched its companies in December final yr. It presents companies to eligible customers and establishments in some Asia-Pacific, European, African, and Latin American jurisdictions.
The exchange additionally purchased CoinDesk, a distinguished crypto-focused online publication, in 2023.
For the potential IPO, Bullish has chosen Jefferies because the lead underwriter.
Investors Are Bullish on Crypto IPOs
Following Donald Trump’s return to the White House, many crypto-related firms are contemplating going public. Stablecoin issuer Circle already debuted on Nasdaq lately, raising $1.1 billion in its IPO. Its shares additionally soared 168 per cent on the primary day, which was the biggest-ever first-day stock price increase for a billion-dollar US itemizing, based on Renaissance Capital.
Another company that had a latest bumper IPO within the US was eToro. The Israeli company listed itself at a valuation of $4.2 billion in an upsized IPO final month. Although eToro has a broad presence in retail trading, a large portion of its commission income comes from crypto trading.
Read more: eToro’s Q1 2025 Shows Strong User Growth and $14.8 Billion AUA Despite Profit Dip
Gemini, backed by the Winklevoss twins, is one other crypto exchange that has filed its papers for an IPO. Ripple, Kraken, and Consensys are different crypto firms which might be contemplating going public within the close to future.
This article was written by Arnab Shome at www.financemagnates.com.
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