Bullish is going public again and has submitted a confidential IPO application to the US SEC

According to people familiar with the matter, Bullish, a crypto asset trading platform, has quietly submitted confidential IPO (initial public offering) application documents to the U.S. Securities and Exchange Commission (SEC), planning to restart its listing process. The company is trying to seize the window period of the current U.S. market's interest in digital asset investment to recover, and use the capital market to achieve business expansion and brand enhancement.

The IPO plan is still in its early stages, and the specific financing scale and listing schedule have not yet been made public. However, market analysts generally believe that Bullish is expected to take advantage of the current Republican supporters, especially the Trump faction's shifting support for digital asset policies, to break through.

Bullish was founded in 2021 and is a crypto trading platform supported by blockchain software development company Block.one. It focuses on high-performance trading, institutional-level risk control and compliance operations. The company initially tried to go public through a merger with special purpose acquisition company (SPAC) Far Peak Acquisition Corp, and its valuation was once as high as US$9 billion. However, due to the high inflation and rising interest rates in the United States at the time, the capital market was generally under pressure, and the transaction was finally aborted in 2022.

People familiar with the matter said that Bullish's re-listing this time, choosing to replace the SPAC route with a traditional IPO, may be intended to send a more prudent and stable signal to regulators and institutional investors. In recent years, U.S. securities regulators have increasingly tightened their scrutiny of the crypto industry, and there are only a handful of exchanges that can successfully go through the IPO process. Bullish's move is also seen by the outside world as having strong confidence in compliance and audit transparency.

It is worth noting that Bullish's IPO application comes at a time when there is a potential shift in U.S. political policy on crypto regulation. As the Trump camp increasingly publicly expresses support for Bitcoin and crypto assets, the crypto industry's expectations for the policies after the Republicans regain control of the White House are heating up. Many market participants believe that once the policy direction changes, companies such as Bullish that have a compliance foundation may usher in development opportunities in the loosening of regulations.

So far, Bullish has not made any public comments on its IPO plan. If successfully listed, Bullish will become another mainstream crypto trading platform to land in the U.S. capital market after Coinbase, and may also become an important indicator of the recovery of the crypto capital market in 2025.