Bullish Global Files For IPO in NYC

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Bullish Global, a cryptocurrency exchange subsidiary of Block.one, backed by Peter Thiel, has formally applied for an initial public offering in New York City. This comes after Gemini filed for a similar IPO around the same time and points to the growth taking place within the crypto sector.

The digital asset class, which is often overlooked in the mainstream, has seen a wealth of applications in different sectors. An example of this is the gambling industry, which has embraced cryptocurrency in full force. Privacy-focused casinos, those that list crypto alongside fiat currency, and even social gaming casinos have gotten in on the action. According to a recent article from gambling expert Andreea Stanescu, low risk social gaming is quickly on the rise, and cryptocurrency is playing a major part in this.

Overall, the crypto industry is in a very healthy place, and thus, it makes sense that many of the biggest companies within it are pursuing even more milestones. The filing, which was made with the US Securities and Exchange Commission, is not the first time that the company has attempted to go public.

It tried back in 2022 to do so, following a $10 billion injection of funds into the parent company, but was unsuccessful. Earlier this year, Bullish Global hired Jeffrie Financials as advisors ahead of its next attempt. And while we will have to wait to see if this is successful, the odds seem better now than they did three years ago.

Notably, the Securities and Exchange Commission is much more accepting of cryptocurrency thanks to changes in the political scene. Current US President Donald Trump famously promised to remove former chair Gary Gensler, who was especially hard on the crypto industry. Since Trump has taken office, the SEC has been much more lenient with the crypto industry. Previously pending lawsuits against major companies have been dropped, and last year even saw the approval of spot ETFs for Bitcoin and Ethereum.

Overall, the political scene seems much more favorable towards the crypto industry, and thus, some market watchers believe that this IPO attempt will be successful.

Just last week, Circle, the issuer of the popular USDC stablecoin, successfully launched its own IPO and raised over a billion dollars in its debut. Gemini, a popular crypto exchange, has also filed for an IPO, and many believe that its founders’ ties to the Trump administration might work in its favor.

This is also coming around the time that Bitcoin has crossed the $110,000 mark, and there is more public visibility for the asset class than ever before. The way many see it, now is the time to take advantage of positive market movements before a crypto winter or a change in the political landscape makes things harder.

Should more crypto companies succeed in getting IPOs, investors will enjoy more exposure to the crypto scene and can profit from its trajectory. The companies will also receive a much-needed capital boost, which means they can continue to provide products and services for crypto consumers who will be the biggest beneficiaries.

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