The Peter Thiel-backed crypto exchange joins a growing list of firms seeking to go public as investor optimism returns under the Trump administration.

Bullish, the digital asset exchange backed by billionaire investor Peter Thiel, has filed confidential paperwork with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO), according to sources cited by the Financial Times.

American investment bank Jefferies has been tapped as the lead underwriter for the offering, per the report. Bullish has not issued a public statement on its plans.

The move positions Bullish among a wave of crypto companies looking to capitalize on renewed investor enthusiasm and a friendlier regulatory tone under US President Donald Trump.

The company, which previously attempted to go public via a special purpose acquisition company (SPAC) deal in 2021, saw its earlier efforts collapse as markets soured amid rising interest rates.