Crypto ( CRCW ) exchange Bullish confidentially filed for a U.S. initial public offering, the Financial Times reported Wednesday, citing people familiar with the situation.

The company aims to capitalize on renewed enthusiasm for digital assets driven by pro-crypto policy signals from the Trump administration and follows last week's IPO of stablecoin issuer Circle (CRCL), whose shares soared 168% on the first day of trading.

The FT did not distinguish between Bullish Exchange and its parent, Bullish Group, the Peter Thiel-backed company that is also the parent of CoinDesk.

The confidential filing with the Securities and Exchange Commission allows Bullish to prepare for a public listing while keeping financial details private for now. Jefferies will serve as lead underwriter, according to the Financial Times.

Bullish previously attempted to go public in a SPAC deal in 2021. The plan collapsed the following year amid market volatility. Bullish Exchange is a Gibraltar regulated trading platform.

This time, the IPO filing comes as bitcoin trades around $110,000 and crypto sentiment strengthens amid favorable regulatory tailwinds following the election of U.S. President Donald Trump.

The group is led by CEO Tom Farley, a former president of NYSE Group, and chaired by Brendan Blumer of Block.one. Thiel is a co-founder of PayPal ( PYPL ) and an early investor in Facebook, now Meta (META).

Jefferies declined to comment to the FT. Bullish did not respond to the FT and had not responded to a CoinDesk request for comment by publication time.

Read more: Bullish Global Weighs IPO as Early as This Year Amid Crypto Market Optimism: Bloomberg