Bullish Global, a cryptocurrency exchange backed by prominent investors, is considering an initial public offering (IPO) as early as this year, amidst a surge in the crypto market.
Bullish Global is considering an initial public offering (IPO) as early as this year, according to a report by Bloomberg.
The crypto exchange‘s parent company, Block.one, is backed by prominent investors such as Peter Thiel.
A block one, also known as a block zero, refers to the initial block of a blockchain.
It is the first set of transactions recorded on a blockchain and serves as the foundation for all subsequent blocks.
The block one typically contains the genesis block, which is the starting point of the blockchain.
This block sets the parameters for the entire network, including the cryptocurrency's total supply, mining algorithm, and consensus mechanism.
Block.one is led by Brendan Blumer, who also serves as the chairman of Bullish Global. The company has around $10 billion in digital assets and cash, according to the report. This significant backing from experienced investors suggests a strong potential for success in the public market.
The discussions around an IPO come at a time when the crypto market is experiencing optimism. Since Donald Trump‘s election win in November, the prices of bitcoin (BTC) and other cryptocurrencies have surged. The total crypto market has climbed to $3.15 trillion from $2.2 trillion, indicating a growing interest in digital assets.
Led by CEO Tom Farley, Bullish Global has over 275 employees worldwide, including offices in Hong Kong, the U.S., and Europe. The company’s expansion plans, coupled with its significant backing, suggest a strong potential for growth in the public market.
Bullish Global had initially planned to go public via a special purpose acquisition company (SPAC) in 2021 but canceled the plan the following year. The company is now considering an IPO as early as this year, with discussions ongoing, including additional banking partners.
Representatives from Bullish and Block.one did not respond to Bloomberg‘s inquiries, while Jefferies declined to comment on the matter.
