Bullish Global, a leading cryptocurrency exchange, is reportedly contemplating its debut on the public market in 2025, according to industry insiders cited by Bloomberg. The firm, which has CoinDesk under its corporate umbrella, is said to be collaborating with Jefferies Financial Group, in preparation for this potential public listing.

The whispers of an initial public offering (IPO) coincide with a surge in the value of Bitcoin and other digital currencies following Donald Trump’s victory in the U.S. presidential race. The combined value of the cryptocurrency market has risen, leaping from $2.2 trillion to a staggering $3.15 trillion. David Sacks, a prominent figure in the U.S. crypto industry, recently suggested that digital assets are entering a golden era.

Bullish Global, helmed by CEO Tom Farley, boasts a workforce of over 275 people spanning the globe, with significant presence in Hong Kong, the U.S., and Europe. The firm operates as a subsidiary of Block.one, a blockchain software firm led by Brendan Blumer, backed by high-profile investors including Peter Thiel, Alan Howard, and Richard Li.

Launched in 2021 by Blumer, who also chairs Bullish, the company holds approximately $10 billion in digital assets and cash, as per the report. Initially, Bullish had intended to go public through a special purpose acquisition company (SPAC) in 2021, but the plan was aborted the following year.

Deliberations surrounding the IPO are still in progress, with additional banking partners being considered, reports Bloomberg. When approached for comments, representatives from Bullish and Block.one did not respond, and Jefferies chose not to comment. An attempt to reach Bullish via a CoinDesk email also remained unanswered as of the time of publication.