Peter Thiel-backed crypto exchange Bullish formally files for IPO

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Key Takeaways

The SEC filing confirms a June FT report that Bullish had submitted IPO paperwork confidentially.
Bullish generated $302 million in revenue and $150 million in net income in 2023.

Peter Thiel-backed crypto exchange Bullish has filed for a US initial public offering, according to an SEC Form F-1 submitted Friday. The filing confirms a June report by the Financial Times that Bullish had confidentially submitted IPO paperwork to the SEC.

Founded in 2021, Bullish reported $302 million in revenue and $150 million in net income for 2023, making it one of the few profitable crypto platforms pursuing a public listing.

The Block.one subsidiary holds $874 million in cash and $2.4 billion in customer assets. It also manages a treasury with $963 million in Bitcoin, $1 billion in EOS, and nearly $400 million in USD. The exchange operates under a regulatory license in Bermuda and plans to expand in the US.

The IPO arrives amid improving US crypto sentiment, with new legislation like the GENIUS Act and clearer signals from the SEC. Bullish is positioning itself to gain market share with transparent infrastructure and regulated services aimed at institutions.

Backed by Thiel, Galaxy Digital, and hedge fund names like Louis Bacon and Alan Howard, Bullish previously scrapped a SPAC merger with Far Peak Acquisition in 2022.