As a subsidiary of the blockchain software entity, Block.one, Bullish had previously attempted to make its public debut via a special purpose acquisition company (SPAC) deal in 2021. However, due to sudden market volatility caused by regulatory scrutiny and a rapid increase in interest rates, the plan was aborted in 2022.

Contrary to the previous administration under Joe Biden, the Trump administration has been more lenient towards cryptocurrency regulations, favoring the industry’s policy priorities. The SEC even ceased several investigations under this tenure. Bullish aims to leverage the resurgence of investor interest in digital assets under the current administration, according to the FT report.

Bullish did not immediately respond to a request for comment from Reuters, and the authenticity of the FT report could not be verified immediately.

The reported filing by Bullish follows in the footsteps of Gemini, a cryptocurrency exchange operated by billionaire twin brothers Tyler and Cameron Winklevoss. They also recently announced their confidential filing for a U.S. IPO.

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According to Bloomberg, Bullish Global, has already secured about $10billion in funding with 164,000 Bitcoins valued at around $9.7 billion, $100 million in cash and 20 million EOS tokens. According to the latest from Block.one, it has secured additional $300 million in a subsequent funding round.

The new exchange will capitalize on the popular decentralized architecture of DeFi. It seems to have drawn inspiration from the world’s leading cryptocurrency exchange Coinbase after it got a green signal from the SEC to go public earlier this year. 

Block.one is also known to have successfully completed the world’s biggest ICO raising $4 billion back in 2018. The majority of the fund was used to develop the EOS blockchain. Now the team is launching  a Defi crypto exchange. 

Commenting on the plans Block.one Chief Executive Officer Brendan Blumer said: “The exchange is deemed to offer institutions and individuals better and safer access to the latest cryptocurrency investment strategies.” 

The year 2021 has seen a growing investor confidence in crypto-related projects. Last month Blockchain.com, a Uk-based crypto startup also secured one funding from Bailie Gifford.

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