The cryptocurrency platform Bullish, backed by Peter Thiel, has recently filed a confidential application for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), according to the Financial Times.

Bullish is a subsidiary of Block.one, a blockchain software company. It previously attempted to go public through a special purpose acquisition company (SPAC) deal in 2021, but the plan collapsed in 2022 due to tighter regulations and a sharp rise in interest rates.

According to the report, the current U.S. administration is taking a softer approach to crypto regulation compared to the previous one. This is driving renewed investor interest in digital assets. Some SEC investigations into crypto companies have even been dropped.

Bullish has decided to take advantage of this momentum. The company has not yet issued any comments. The filing has not been confirmed by the SEC either.

Bullish’s move follows a similar one from another major crypto exchange, Gemini, which recently filed a confidential IPO application, founded by the Winklevoss twins.