Bullish Global Considers IPO After Acquiring CoinDesk

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The cryptocurrency exchange Bullish Global is reportedly weighing an initial public offering (IPO) in 2025, according to Bloomberg sources familiar with the matter. This potential move marks a significant development for the Peter Thiel-backed platform, which gained industry attention after acquiring the influential crypto media outlet CoinDesk in an all-cash deal from Digital Currency Group in 2023. As the digital asset sector anticipates increased regulatory clarity and market maturity, Bullish’s IPO consideration positions it among a growing wave of crypto-native firms aiming for public market validation.

The Strategic Foundation: Block.one and the Birth of Bullish

Bullish Global traces its roots to Block.one, the company behind the EOS blockchain. In May 2021, Block.one announced the formation of Bullish Global alongside major financial players, raising a staggering $10 billion to fund the launch of a regulated, blockchain-based digital asset exchange. Key investors in this venture include Thiel Capital, Founders Fund—co-founded by Peter Thiel—Galaxy Digital, and Nomura Holdings, signaling strong institutional confidence from the outset.

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The exchange is built on a private version of the EOS blockchain, leveraging its high throughput and low-latency architecture to ensure efficient trade execution and on-chain settlement. By recording all transactions directly onto the EOS network, Bullish emphasizes transparency and immutability—core tenets of decentralized finance—while maintaining compliance with global regulatory standards.

Tom Farley, former president of the New York Stock Exchange (NYSE), serves as CEO of Bullish Global, bringing decades of traditional financial market experience to the crypto space. His leadership underscores the company’s ambition to bridge institutional finance with next-generation digital assets.

A Regulated Gateway for Digital Asset Trading

Bullish operates as a fully regulated cryptocurrency exchange, enabling users to buy, sell, and trade major digital currencies such as Bitcoin (BTC) and Ethereum (ETH). With over 275 employees across offices in the United States, Hong Kong, Singapore, Gibraltar, and the Cayman Islands, the platform has established a global footprint designed to support cross-border trading and compliance with regional regulations.

Its regulatory-first approach differentiates it from many decentralized platforms that operate in less-defined legal territories. By securing licenses and adhering to anti-money laundering (AML) and know-your-customer (KYC) protocols, Bullish aims to attract both retail traders and institutional investors seeking a trustworthy environment for crypto exposure.

From SPAC Dreams to IPO Ambitions

Bullish initially pursued a public listing via a special purpose acquisition company (SPAC) merger with Farley Acquisition Corp.—a move that would have brought it to the public markets as early as 2021. However, shifting market conditions and investor sentiment led to the collapse of those plans.

Now, with renewed momentum in the crypto sector and improving macroeconomic expectations, Bullish is revisiting its path to going public. According to insiders, the company has engaged Jefferies Financial Group Inc. to explore a traditional IPO route. While discussions are still preliminary, additional investment banks may join the process as planning advances.

This renewed push comes amid broader optimism in the digital asset ecosystem. With increasing speculation that former U.S. President Donald Trump could return to office in 2025 with a pro-crypto policy agenda, market participants expect greater regulatory support and capital inflows into blockchain-based businesses.

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The CoinDesk Acquisition: Expanding Influence Beyond Trading

One of Bullish’s most strategic moves was its 2023 acquisition of CoinDesk, a leading media brand in the cryptocurrency industry known for its flagship event, Consensus, and its widely followed pricing index. The all-cash transaction—amount undisclosed—allowed Bullish to gain control of a trusted voice in crypto journalism at a time when DCG faced financial strain and underwent significant restructuring, including layoffs at CoinDesk.

By integrating CoinDesk into its ecosystem, Bullish not only strengthened its brand visibility but also positioned itself at the intersection of financial infrastructure and information dissemination. Controlling a major media channel enables the company to shape narratives around market trends, regulatory developments, and technological innovation—offering a unique advantage in an information-driven industry.

However, this vertical integration raises questions about editorial independence. While Bullish has stated that CoinDesk will maintain journalistic integrity, observers remain cautious about potential conflicts of interest between reporting and corporate ownership.

Market Conditions Favoring Crypto IPOs

The broader financial landscape is increasingly receptive to crypto-related public listings. Recent years have seen growing interest from institutional investors in digital assets, accelerated by the U.S. Securities and Exchange Commission’s (SEC) approval of spot Bitcoin exchange-traded funds (ETFs) in early 2024.

As confidence builds and volatility stabilizes, more crypto firms are preparing for IPOs to access deeper capital pools, enhance credibility, and provide liquidity to early investors. Bullish’s timing could prove advantageous if macro trends continue toward regulatory acceptance and mainstream adoption.

Moreover, public listing would allow Bullish to showcase its financial performance transparently, potentially attracting pension funds, asset managers, and other long-term holders who require audited financial statements and governance oversight.

Frequently Asked Questions (FAQ)

Q: What is Bullish Global?
A: Bullish Global is a regulated cryptocurrency exchange backed by Peter Thiel and founded by Block.one. It offers trading in major digital assets like Bitcoin and Ethereum using a private version of the EOS blockchain.

Q: Why is Bullish considering an IPO now?
A: With improved market conditions, growing institutional interest in crypto, and potential regulatory tailwinds—especially under a possible pro-crypto U.S. administration—Bullish sees an opportune moment to pursue public market listing.

Q: Did Bullish previously attempt to go public?
A: Yes. In 2021, Bullish planned to go public through a SPAC merger with Farley Acquisition Corp., but the deal ultimately fell through due to unfavorable market dynamics.

Q: Who owns CoinDesk after the acquisition?
A: CoinDesk is now owned by Bullish Global following an all-cash acquisition from Digital Currency Group in 2023. The purchase price was not disclosed.

Q: Is Bullish available worldwide?
A: Bullish operates globally with offices in key financial hubs including the U.S., Singapore, Hong Kong, Gibraltar, and the Cayman Islands. However, service availability may vary by jurisdiction due to local regulations.

Q: How does Bullish use blockchain technology?
A: The exchange runs on a private implementation of the EOS blockchain, where all trades are recorded immutably on-chain, combining performance efficiency with transparency.

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Core Keywords

As Bullish navigates its path toward a potential IPO, it stands at a pivotal juncture where technology, media, and finance converge. With strong backing, strategic acquisitions, and experienced leadership, the company is well-positioned to become a major player in the next phase of crypto market evolution.