Bullish, a subsidiary of Block One and a cryptocurrency exchange, has taken the plunge. At its helm is Tom Farley, former president of the NYSE, and its supporters include prestigious names such as Peter Thiel, an iconic figure of the "PayPal mafia" alongside Elon Musk, Reid Hoffman (LinkedIn) and David Sacks, nicknamed the "crypto czar" in Donald Trump's entourage. Peter Thiel, a staunch supporter of Trump and Facebook's (Meta) first external investor, is also said to have worked to bring Mark Zuckerberg and Donald Trump closer together.

Bullish has filed a confidential IPO application with the Security Exchange Commission (SEC). Already mentioned before the 2022 rate hike, this operation is being relaunched in a buoyant context, with cryptocurrencies regaining ground. Indeed, the sector is benefiting from favorable political signals, while bitcoin recently reached a new high. Coinbase's entry into the S&P 500 and Circle's 168% surge on its first day of trading are testament to investor interest.

Another crypto asset exchange has filed an application: Gemini, led by the Winklevoss brothers, major figures in the crypto scene and among the largest personal holders of Bitcoin. They too have filed a confidential application with the SEC. They were also actively involved in a political action committee funded by the crypto industry to support Donald Trump's campaign.

The secrecy surrounding these moves allows both companies to gauge market interest while maintaining control over their valuation. Circle, for example, was able to increase the number of shares and their price in response to strong demand.

Both companies have more in common than just their activities. They both have strong ties to the Trump universe and a desire to take advantage of what is considered ideal timing: since Donald Trump's election, the cryptocurrency market has been robust, while overall volatility has subsided after two months of turbulence linked to the trade war.