Bullish Global, the cryptocurrency exchange backed by Peter Thiel, is reportedly working on plans for an initial public offer in New York.
The company, which owns CoinDesk, is considering a public listing in 2025, Bloomberg reported, citing people familiar with the plans.
Management have hired Jefferies Financial Group to work on a potential IPO, the report said.
Bullish was launched as a subsidiary of Block.One, a blockchain software and investment company, in 2021.
It was designed to be a "blockchain-based cryptocurrency exchange designed to combine the performance, user privacy, and compliance offered by central order book technology with the vertically integrated user benefits of decentralized finance (DeFi) market architecture".
An initial investment of $10 billion was injected by Block.One and other investors, including Thiel's Thiel Capital and Founders Fund, Alan Howard, Louis Bacon, Richard Li, Mike Novogratz, Christian Angermayer and Nomura.
Thiel (Palantir), Howard (billionaire hedge fund manager and founder of Brevan Howard Asset Management), Li (son of billionaire Li Ka-Shing and founder and chairman of the private investment group Pacific Century Group) and Angermayer (serial entrepreneur) were also appointed as senior advisors to the company.
The exchange offers automated market making, lending and portfolio management tools using open-source blockchain software which was designed to make it the first platform to offer externally verifiable integrity to high-performance trading and asset management.