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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