Bullish Global Eyes IPO Amid Crypto Boom

Crypto exchange Bullish Global is considering an initial public offering (IPO) as early as this year, according to Bloomberg. The company, which owns CoinDesk, is exploring the possibility of selling shares to the public for the first time, with Jefferies Financial Group acting as an advisor for the potential listing.

The talks of an IPO come amidst a surge in the crypto market, with the total market capitalization climbing to $3.15 trillion from $2.2 trillion since Donald Trump's election win in November. U.S. crypto czar David Sacks recently spoke about a "golden age" for digital assets, reflecting the growing optimism in the sector.

Led by CEO Tom Farley, Bullish Global has over 275 employees worldwide, with a presence in Hong Kong, the U.S., and Europe. The company is a subsidiary of Block.one, a blockchain software company headed by Brendan Blumer, whose backers include Peter Thiel, Alan Howard, and Richard Li. Blumer also serves as Bullish Global's chairman.

Bullish Global was launched in 2021 and has around $10 billion in digital assets and cash. The company had initially planned to go public via a special purpose acquisition company (SPAC) in 2021, but those plans were later canceled. Discussions around the IPO are ongoing, including the possibility of adding additional banking partners.

Representatives from Bullish Global and Block.one did not respond to Bloomberg's request for comment, and Jefferies declined to comment. A CoinDesk email to Bullish Global seeking comment was not answered before publication.