Bullish, the crypto exchange, has confidentially filed for a U.S. initial public offering (IPO), according to a report from the Financial Times citing sources close to the matter.

The move comes as the company seeks to leverage growing optimism around digital assets, fueled by pro-crypto regulatory signals from the Trump administration. This development follows the recent IPO of stablecoin issuer Circle (CRCL), whose shares surged 168% on their first trading day.

The Financial Times did not clarify whether the filing pertains to Bullish Exchange or its parent company, Bullish Group — the Peter Thiel-backed firm that also owns CoinDesk.

By filing confidentially with the Securities and Exchange Commission (SEC), Bullish is able to prepare for a public listing while keeping sensitive financial details under wraps for now. Investment bank Jefferies is named as the lead underwriter, the report said.

Bullish had previously pursued going public through a SPAC in 2021, but the plan fell apart amid market turbulence in 2022. The exchange operates under Gibraltar’s regulatory framework.

This IPO filing arrives as bitcoin trades near $110,000, and crypto market sentiment strengthens amid favorable regulatory winds following Donald Trump’s presidency.

Bullish is led by CEO Tom Farley, former president of NYSE Group, with Brendan Blumer of Block.one serving as chairman. Peter Thiel, co-founder of PayPal and early Facebook (Meta) investor, backs the group.

Jefferies declined to comment to the Financial Times. Bullish had not responded to requests for comment by the time of publication.