Peter Thiel-Backed Bullish Crypto Platform Seeks NYSE Public Offering

Peter Thiel-backed crypto exchange Bullish has filed to go public on the New York Stock Exchange (NYSE). Thiel is an American entrepreneur, co-founder of PayPal, Palantir Technologies, and Founders Fund.

According to a recent Form F-1 filing, the company revealed that it plans to trade on the NYSE under the ticker symbol “BLSH,” similar to other companies’ stocks or coins.

“Financial markets have transformed over multiple decades, driven by innovation in technology, the emergence of new business models, and regulatory change. I have spent my professional life immersed in this market structure evolution, including over a decade in several leadership positions at Intercontinental Exchange (ICE), the world’s largest traditional finance group by market capitalization,” said Tom Farley, the company’s CEO.

To throw more light on Thiel. After making waves with PayPal, he turned his focus to finance, founding Clarium Capital in San Francisco. Not long after, in 2003, he introduced the world to Palantir Technologies, a data powerhouse that he has led as chairman from its inception.

As one of the world’s wealthiest men,  in August 2004, the entrepreneur made history as Facebook’s first external investor, acquiring a 10.2% stake for $500,000. He later divested most of his holdings in 2012, realizing over $1 billion, and eventually resigned from the company’s board in 2022.

Growing Race to Launch Stablecoins

Notably, the latest development marks a notable advance for the crypto sector, which has long sought to gain institutional recognition for digital assets as credible investment vehicles.

Furthermore, in its submission to the U.S. SEC, Bullish outlined its mission, which includes promoting the use of stablecoins, digital currencies, and blockchain-based solutions. Meanwhile, in recent times, the issue of launching stablecoins is rapidly increasing as prominent entities, banks, and even countries seek to establish their own. 

Earlier this month, Russian firm Rostec announced plans to launch its stablecoin (RUBx), a fiat-backed stablecoin. According to the report, the RUBx will operate on the Tron blockchain. It will also be pegged at a one-to-one ratio with the Russian ruble.

Stablecoin Giants Eye Banking Licences

The crypto market has seen substantial momentum this year, with standout performances, such as that of stablecoin issuer Circle, whose valuation has surged remarkably since its public debut in June.

Interestingly, the stablecoin issuer has recently been making big moves. The company, alongside other firms, is seeking national trust bank charters, a license that would allow them to offer limited banking services. If secured, it would mark a significant step in the industry.

Tether, the largest stablecoin issuer by market cap, also saw impressive activity. Its USDt surpassed a $160 billion market cap. As of the time of writing, its market cap rests at over $161.5 billion, according to data from CoinMarketCap.