Cryptocurrency exchange Bullish has reportedly revived its plans to go public. According to sources familiar with the matter, the company has confidentially filed initial public offering (IPO) documents with the U.S. Securities and Exchange Commission (SEC). This information was highlighted in a Financial Times report.
Pymnts reached out to Bullish for comments but has yet to receive a response.
Bullish had initially aimed to go public in 2021 through a merger with the Special Purpose Acquisition Company (SPAC) named Fair Peak. However, that endeavor faced regulatory hurdles, leading to a halt in their plans late in 2022.
The political climate was different then. With a crypto-friendly administration under President Donald Trump, investor enthusiasm surged for cryptocurrencies. The government’s supportive stance contributed to skyrocketing Bitcoin prices and motivated other digital asset firms to explore public listings.
For instance, Round recently raised $1.1 billion in its IPO, significantly surpassing expectations. This marked a notable 168% gain in its market debut, setting a record for stock price increases linked to a $1 billion listing, as noted by Renaissance Capital.
The success of this IPO seems to be encouraging other crypto firms to follow suit. Besides Bullish, the Gemini exchange, led by the Winklevoss twins, reportedly submitted a confidential IPO last week.
However, despite the recent buzz, challenges remain for these companies. The market for Stablecoins is growing increasingly competitive, with major banks—like JPMorgan, Bank of America, Wells Fargo, and Citigroup—exploring the option of issuing their own stablecoins.
In light of this competition, Circle is diversifying its offerings. They recently launched the Circle Payment Network (CPN), which facilitates cross-border payments in Stablecoin.
Integrating stablecoins into the broader financial system is proving to be complex, raising concerns about consumer protection, systemic risks, and monetary policy that still need to be addressed.
“Ultimately, Circle’s IPO is more than just a financial achievement. It signifies a broader intent,” the report suggests. “It’s an indication that Stablecoins have transitioned from being experimental to a significant player in the financial landscape.”
