The operator of the digital asset exchange Bullish Global is considering an IPO by the end of the year, collaborating with Jefferies Financial Group for the possible listing.
Initially, the company had planned to go public in 2021 through a SPAC, but the project was put on hold. Now, with a more mature market, the details of the listing are still under discussion.
Summary
Bullish Global and the new IPO attempt
Bullish Global, supported by Peter Thiel, is a trading platform for cryptocurrencies that aims to combine institutional liquidity and advanced blockchain technology.
After postponing the stock market debut in 2021, the company is now considering a new strategy to access traditional financial markets.
The decision to review the IPO reflects a change in market conditions and a greater acceptance of digital asset exchanges in the financial sector.
The collaboration with Jefferies Financial Group, one of the leading investment banks, suggests a more structured approach compared to the previous attempt.
In 2021, Bullish Global had announced the intention to go public through a merger with a SPAC (Special Purpose Acquisition Company).
This method, very popular in those years, allowed companies to accelerate the listing process by avoiding some bureaucratic steps of traditional IPOs.
However, the merger has been suspended, probably due to market fluctuations and regulatory uncertainties.
The decision to halt the process reflected the growing pressure on SPACs, with many companies revising their strategies to avoid excessively volatile valuations.
For the new IPO attempt, Bullish Global relies on Jefferies Financial Group, an investment bank with experience in the technology and financial sector. This choice could indicate a more prudent and targeted approach compared to the past.
Working with a traditional financial institution could improve the perception of Bullish Global in the eyes of institutional investors and facilitate the listing process.
Furthermore, the collaboration with Jefferies could ensure a more solid evaluation and an entry into regulated markets with greater stability.
The challenges of a possible listing
Various factors may have led Bullish Global to reassess the stock market listing:
- – Improvement of the regulatory context: The regulatory authorities are developing clearer regulations for digital asset exchanges, reducing uncertainty for investors.
- – Increase in institutional interest: Large financial institutions are showing greater openness towards the cryptocurrency sector.
- – Market evolution: After the volatility of recent years, the cryptocurrency market is consolidating its role in the global economy.
These elements make 2025 a potentially more favorable time for an IPO compared to 2021. Despite the positive outlook, Bullish Global will have to face some significant challenges before completing the IPO:
- – Uncertain regulation: The regulations on digital asset exchanges vary from country to country, and new restrictions could influence the listing process.
- – Competizione crescente: The exchange sector is highly competitive, with giants like Binance and Coinbase dominating the market.
- – Market volatility: Cryptocurrencies remain subject to strong price fluctuations, influencing investor sentiment.
