Following Circle's IPO windfall...Crypto exchange Bullish makes another attempt to list on Nasdaq

The virtual asset (cryptocurrency) exchange Bullish has reportedly submitted a confidential preliminary IPO review filing to the United States Securities and Exchange Commission (SEC).

According to the Financial Times (FT) on the 10th (local time), Bullish recently filed an IPO application confidentially with the SEC. Confidential filings are a system that allows companies to postpone the disclosure of financial information until just before listing, helping them maintain autonomy during the preparation stage. The lead underwriter is said to be Jefferies.

Bullish had previously attempted a backdoor listing in 2021 through a merger with a special purpose acquisition company (SPAC). However, that transaction was canceled the following year due to interest rate hikes and a stock market downturn.

Recently, amid crypto-friendly policies under President Donald Trump, attempts at listing within the crypto industry have been ongoing. Last week, Circle, the issuer of stablecoin USD Coin (USDC), raised $1.1 billion through an IPO, and its stock price surged 168% on the first day of trading. This was the highest first-day increase among US IPOs over $1 billion in size. Buoyed by this successful debut, crypto exchange Gemini also reportedly submitted a confidential listing application to the US stock market last Friday.