A major development in the crypto industry is the filing for an IPO by Bullish, a cryptocurrency exchange backed by Peter Thiel, which coincides with a bullish trend in the crypto market in 2025.

This IPO filing reflects growing confidence among crypto firms, with notable market activity this year including IPOs from Circle, Etoro, and Galaxy Digital.

Bullish's filing indicates increased institutional interest and investor confidence in the sector, especially as the company operates across six jurisdictions and has substantial assets.

Since its launch, Bullish has achieved over $1.25 trillion in total trading volume and reported an average daily trading volume exceeding $2.5 billion in Q1 2025, making it one of the top exchanges globally for Bitcoin and Ether.

The exchange claims to hold more than $1.9 billion in liquid assets, including cash, Bitcoin, and stablecoins, supporting its operational strength.

Bullish originated from Block.one and received early backing from prominent investors like Thiel's Founders Fund and Nomura, with rapid growth in the crypto space.

Led by CEO Tom Farley, a former NYSE president, Bullish combines significant Wall Street expertise with a strategic focus on expanding its influence.

The company’s acquisition of CoinDesk last year has further solidified its position in both media and the crypto markets.

The SEC’s approval of Bullish’s IPO application marks a pivotal moment, potentially attracting more institutional and retail investors amid an evolving regulatory landscape.

This regulatory endorsement reflects a broader trend of support for the crypto industry, aiming to foster growth while ensuring compliance.

Bullish’s IPO exemplifies the merging of crypto with traditional finance, signaling a new phase where digital assets are increasingly integrated into mainstream markets.

In 2025, Bitcoin’s price has surged to over $117,000, highlighting rising investor interest in cryptocurrencies.