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Bullish Aims to Take Crypto Exchange Public After Circle’s Success

cryptonews100_tggfrn by cryptonews100_tggfrn
June 12, 2025
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Bullish Aims to Take Crypto Exchange Public After Circle’s Success
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Cryptocurrency alternate Bullish has reportedly resurrected its plans to go public.

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The corporate has confidentiality filed paperwork for an preliminary public providing (IPO) with the U.S. Securities and Exchange Fee (SEC), in accordance to a Wednesday (June 11) Monetary Occasions (FT) report citing two sources conversant in the matter.

PYMNTS has contacted Bullish for remark however has not but gotten a reply.

Bullish tried to go public in 2021 by way of a merger with particular objective acquisition firm (SPAC) Truthful Peak. Nevertheless, the 2 companies called off the plan due to regulatory hurdles in late 2022.

However that was beneath a special administration. With crypto-friendly President Donald Trump in workplace, traders have grown far more keen about cryptocurrency. The administration’s pro-crypto stance has helped convey the worth of bitcoin to report ranges, and impressed different digital asset companies to search public listings.

These embody Circle, which raised $1.1 billion final week with its IPO, greater than doubling expectations. The FT report notes that the corporate surged 168% on its market debut. That’s the largest-ever first day inventory value improve for a billion-dollar U.S. itemizing, in accordance to Renaissance Capital, which displays. IPO issuance.

The report additionally factors out that Circle’s success appears to have spurred different crypto firms to observe in its footsteps. Except for Bullish, Gemini — the crypto alternate run by the Winklevoss brothers — confidentially filed for its IPO final week.

Writing about Circle’s itemizing final week, PYMNTS famous that the corporate still faces quite a few challenges regardless of the current fanfare.

For one factor, the market round stablecoins has grown more and more aggressive. The large banks that helped take Circle public are additionally weighing the concept of issuing stablecoins of their very own. As lined right here in Might, JPMorgan Chase, Bank of America, Wells Fargo and Citigroup are exploring the creation of a jointly operated stablecoin.

This is likely to be why Circle is hedging its bets by increasing its product line-up. In late Might, the corporate introduced the launch of the Circle Payments Network (CPN) is now stay, enabling stablecoin-powered cross-border payments.

Nonetheless stablecoins’ integration into the mainstream financial system isn’t with out friction, with points round shopper safety, systemic threat and financial coverage nonetheless unresolved.

“In the end, nevertheless, Circle’s IPO is not only a monetary milestone; it’s a press release of intent,” the report added. “It tells the world that stablecoins have graduated from the experimental section and are prepared to play a central role in the way forward for cash.”



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