Is Peter Thiel About to Unleash the Next Crypto IPO Frenzy with Bullish?

Peter Thiel’s Bullish is dusting itself off for a second shot at Wall Street. After its SPAC deal imploded back in 2022 amid rising rates and a crypto winter, the exchange is now quietly filing for an IPO, according to sources close to the matter. No press release. No flash. Just a calculated move to hit the market while it’s still bullish.

What’s changed? Everything. We’ve gone from regulatory chill to political tailwinds. Trump is back in crypto’s corner, the industry is rallying, and investors are rediscovering their risk appetite. That’s the window Bullish is trying to climb through.

Peter Thiel Is Betting on the Trump-Chain Reaction

This is more than a crypto listing—it’s a political trade. Trump has promised to roll back the Biden-era crackdown on digital assets. That promise alone has fueled Bitcoin past $100K, driven flows into crypto ETFs, and reignited IPO pipelines.

Peter Thiel, Bullish’s biggest name backer, knows how to time a narrative. He was early on Trump, early on Facebook, and now he’s circling crypto—again—with Wall Street in his sights.

Circle’s IPO (CRCL) just shattered expectations with a 168% day-one pop. Now, with Gemini also preparing to go public, Bullish is planting its flag while the market is still dancing to the beat.

What Is Bullish Selling—and Will Wall Street Buy It?

Led by ex-NYSE president Tom Farley, Bullish positions itself as a serious institutional player. It boasts “market-leading order depth” and “tight spreads,” in a tone that’s less meme, more Morgan Stanley. That’s part of the pitch: we’re not wild west DeFi—we’re grown-up crypto with suits.

But public markets are fickle. Last time, Bullish couldn’t land the deal. This time it’s hoping that Trump’s love affair with Bitcoin—plus a wave of newly minted retail enthusiasm—gives it just enough juice to get over the line.

Bullish Is Betting on Sentiment. Again.

Peter Thiel’s Bullish may have picked the perfect time—or the most fragile. Bitcoin’s back, crypto IPOs are hitting, and Trump’s promising a friendlier regulatory future. But this space is allergic to stability. What feels like a comeback today could be a reversal by next quarter.

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