Bullish, the crypto exchange backed by billionaire investor and PayPal co-founder Peter Thiel, is officially heading to Wall Street. In a bold move that underscores growing institutional confidence in digital assets, Bullish announced on Friday that it has publicly filed a registration statement on Form F-1 with the US Securities and Exchange Commission (SEC), signaling its intent to go public.
The IPO filing positions Bullish among a new wave of crypto-native companies seeking to bridge the gap between traditional finance and blockchain technology. While the offering’s price range and timeline remain undisclosed, investors and crypto enthusiasts alike are watching closely, as Bullish’s move may set the tone for other crypto firms considering entry into the public markets.
This public offering could become a pivotal moment for the industry, arriving at a time when market sentiment has recovered and lawmakers in the US are advancing crypto-focused legislation.
Major Wall Street Firms Back Bullish IPO
Bullish’s path to becoming a publicly traded company is gaining serious momentum, with some of Wall Street’s most prominent names supporting the offering. According to the IPO filing, J.P. Morgan and Jefferies are acting as the lead book-running managers for the proposed offering, highlighting institutional interest in the crypto-native exchange. Citigroup is also participating as a joint book-running manager, reinforcing the growing intersection between traditional finance and the digital asset space.
Additional book-running managers include Cantor, Deutsche Bank Securities, and Societe Generale, signaling a global appetite for exposure to crypto infrastructure companies. Meanwhile, Canaccord Genuity, Keefe, Bruyette & Woods (a Stifel Company), and Oppenheimer & Co. are listed as co-managers of the offering.
The IPO, once approved, will be conducted strictly through a prospectus. Interested investors will be able to access the preliminary prospectus, once available, via the SEC’s EDGAR system at www.sec.gov.
As outlined in the filing, Bullish has surpassed a significant milestone—reporting more than $1.25 trillion in total trading volume since its launch. This figure showcases not only the exchange’s operational scale but also its appeal to institutional traders and sophisticated investors. With heavyweight financial firms backing the offering and crypto momentum building, Bullish’s IPO could mark a turning point in the public market’s acceptance of digital asset platforms.
Total Crypto Market Cap Breaches $3.7 Trillion With Strong Weekly Momentum
The total crypto market cap has officially broken above $3.7 trillion, printing one of the strongest weekly candles since the start of 2024. The chart shows a clear continuation of the broader bullish structure, as the market decisively pushed through previous resistance near the $3.5 trillion level. This surge is accompanied by a noticeable increase in volume, indicating strong participation and confidence from buyers.
All major moving averages are now trending upward, with the 50-week moving average crossing well above the 100-week and 200-week lines, reinforcing the longer-term uptrend. Price remains significantly above the 50-week SMA at $2.88 trillion, showing the market’s current strength and distance from any immediate downside risk.
This breakout confirms a higher high, extending the bullish pattern that started after the 2022 bear market bottom. With bullish sentiment returning, many analysts are now watching the $4 trillion level as the next key psychological and technical target.
Featured image from Dall-E, chart from TradingView
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