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.
Elon Musk's artificial intelligence company xAI has filed a federal lawsuit challenging Minnesota's landmark law banning AI-powered "nudification" technology, arguing…
Bitcoin climbed toward $65,000 as an unusual shift in traditional financial markets created one of the rarest conditions…
Hyperscale Data has sold 100 Bitcoin to accelerate development of its planned artificial intelligence campus in Michigan, sending shares…
A newly launched memecoin called PIPEDOG ($PIPEDOG) became the latest breakout token on Robinhood Chain, surging more than 140x within…
BNY, the world's largest custodian bank, is bringing one of its core financial businesses onto…
A bipartisan group of U.S. senators has reportedly reached a new compromise on the ethics provisions of…