In a significant move that signals growing institutional confidence in digital assets, crypto exchange Bullish Global, backed by tech billionaire Peter Thiel, is preparing for a potential initial public offering (IPO). The company has enlisted Jefferies Financial Group to guide its path to becoming a publicly traded entity, marking a major milestone in the cryptocurrency industry’s evolution.
This strategic decision follows an impressive series of developments for Bullish Global, including its acquisition of crypto media outlet CoinDesk in 2023 and its rise to become one of the top five exchanges for Bitcoin and Ethereum trading volume. The company recently strengthened its leadership team by bringing on Chris Tyrer, previously Fidelity’s digital assets chief, as Head of Strategy.
Thiel’s personal involvement in the crypto space has been equally noteworthy. His investment firm, Founders Fund, demonstrated remarkable market timing by investing $200 million in Bitcoin and Ethereum in late 2023 when Bitcoin was trading below $30,000. This successful move followed the fund’s prescient decision to sell $1.8 billion in crypto holdings before the market downturn in 2022.
However, despite Bitcoin’s impressive surge to nearly $95,000 in January 2025, Thiel has recently expressed a more cautious outlook. “I’m not sure it’s going to go up that dramatically from here,” he stated, reflecting a measured perspective that has caught the attention of market observers. His analysis framework, which examines potential market bubbles through factors such as abstraction, exponential growth patterns, and social behavior, has become increasingly relevant as Bitcoin approaches new highs.
Beyond his exchange and trading activities, Thiel continues to diversify his crypto investments. He participated in a $70 million funding round for Polymarket, a political betting platform, in 2024. His influence in the Ethereum ecosystem was also highlighted when Vitalik Buterin, Ethereum’s co-founder, confirmed Thiel’s financial backing in January 2025, causing an immediate 3.5% price increase in Ethereum.
As the cryptocurrency market matures, Thiel’s approach combines practical venture capital strategies with long-term support for blockchain technology. The planned Bullish Global IPO represents his most concrete step yet toward bridging traditional finance with the digital asset world, potentially creating new opportunities for both institutional and retail investors in the cryptocurrency space.
