Peter Thiel’s cryptocurrency exchange Uptrend submits application for U.S. IPO.
Optimistic, the crypto asset trading protocol backed by Peter Thiel, has quietly submitted its application for an initial public offering in the U.S. This step indicates that the firm is prepared to try again at becoming public after its previous effort through a SPAC dissolved during the crypto market’s decline in 2021. The Optimistic IPO represents a considered second round to enter the public space, ideally suited to the current more favorable market landscape and with less surrounding distraction.
The submission enables Uptrend to gauge interest from regulators and investors in a discreet manner before revealing all details.
Why This Is Important Now
The timing appears deliberate. BTC is climbing back over $110,000, cryptocurrency stocks are popular, and favorable political conditions in the U.S. are emerging for the crypto sector. Earlier in the month, Circle successfully completed its IPO, bringing in over $1 billion. Gemini has also made a confidential filing.
JUST IN:
Peter Thiel-backed crypto firm, Bullish, files for an IPO on Wall Street. pic.twitter.com/U9RSMkXecV
— Big investor Insider (@WhaleInsider) June 11, 2025
For Bullish, the opportunity seems to be present once again. Rather than waiting to determine if the upswing is sustainable, it is taking action while investor enthusiasm remains elevated.
What Sets Optimistic Apart
Bullish commenced operations in 2021 with $300 million in price floor from Peter Thiel’s Founders Fund, Galaxy Digital, among others. It positions itself as a high-performance crypto trading network aimed at institutional investors, specifically targeting hedge funds instead of casual traders.
In contrast to more recreational trading applications, Uptrend is dedicated to robust infrastructure: offering significant market fluidity, minimal trading spreads, and resources crafted for professional trading volumes. Though based in Gibraltar, it seeks a foothold in U.S. public markets. This represents a substantial shift from its original SPAC venture, which was paused during the crypto downturn in 2022.
Tom Farley, the former president of the New York Stock Exchange, currently oversees the company. Jefferies is serving as the principal underwriter, although Optimistic has not disclosed when it intends to list or its targeted valuation.
DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025
What Has Changed Since 2021
At that time, Bullish attempted to enter the trading market with a $9 billion valuation through a merger with Far Peak Acquisition Corp. That initiative collapsed when the market plummeted. The current scenario is markedly different.
The trading market has partially rebounded. Interest from institutional investors is increasing. U.S. regulators, while still unclear in their strategies, seem to be more receptive to allowing certain firms to access the IPO process. Companies like Circle and Optimistic are fully capitalizing on this moment.
Part of a Larger Trend
Uptrend is not on this journey alone. It aligns with a new wave of crypto-native companies seeking public listings. Circle’s accomplishments have set a benchmark. Gemini is quietly gearing up for its opportunity. Even Robinhood and Coinbase are reaping the benefits of the broader sector sentiment shift.
This trend presents investors with more regulated avenues to engage with the crypto asset crypto market without directly holding digital assets.
DISCOVER: Best New Cryptocurrencies to Invest in 2025
What Lies Ahead
Uptrend must withstand SEC examination, appeal to investors, and eventually disclose its financials. Only then will we learn how robust the business truly is — if it possesses the revenue, user expansion, and market activity to differentiate itself.
Should the IPO be approved and perform effectively, it could bolster the industry’s confidence significantly. If not, it will further highlight the challenges in merging crypto with conventional finance.
Final Thoughts
Optimistic is making a renewed effort to enter the public markets, this time with a prudent, strategic approach and a trading market environment that appears to be rejuvenated. The outcome of this bet will hinge not just on excitement but on actual performance, the right timing, and whether investors can see crypto’s institutional journey beginning here. With a more compelling proposition for institutions and an experienced Wall Street executive leading, the Uptrend IPO may well yield different results this time around.
DISCOVER: 20+ Next Crypto to Explode in 2025
Join The 99Bitcoins Update Discord Here For The Latest Market Updates
Key Takeaways
- Uptrend, supported by Peter Thiel, has confidentially submitted for a U.S. IPO following its 2021 SPAC attempt that did not succeed.
- The exchange emphasizes institutional-grade infrastructure, providing high liquidity and trading resources for professional investors.
- Market dynamics have shifted since 2021, with Bitcoin surpassing $110,000 and companies like Circle and Gemini gearing up for IPOs.
- Tom Farley, a former NYSE president, is steering Bullish, which aspires to enter U.S. public markets with Jefferies as its primary underwriter.
- A successful IPO for Uptrend could reinforce the growing trust in crypto’s integration within the traditional financial system.
The post Peter Thiel’s Crypto Exchange Bullish Files for U.S. IPO appeared first on 99Bitcoins.