Peter Thiel-backed crypto exchange Bullish has confidentially filed for an IPO with the U.S. Securities and Exchange Commission in recent weeks, the Financial Times reported on Tuesday.

A unit of blockchain software company Block.one, Bullish had attempted to go public through a special purpose acquisition company deal in 2021 but that fell through in 2022 amid a regulatory crackdown and a sudden rise in interest rates that rattled the equities market.

The Trump administration, in contrast to predecessor Joe Biden’s, has taken a softer stance on crypto regulation and backed the industry’s policy priorities, with the SEC dropping several investigations.

Bullish is seeking to capitalise on renewed investor interest in digital assets under the current administration, the FT said.

Bullish did not immediately respond to a Reuters request for comment. Reuters could not immediately verify the FT report.

The company’s reported filing follows that of Gemini’s, a crypto exchange run by billionaire twins Tyler and Cameron Winklevoss, which last week disclosed it had confidentially filed for a U.S. initial public offering.

Circle’s blockbuster IPO paves way for other crypto public listings

Stablecoin issuer Circle’s $1.05 billion initial public offering last Thursday could spur other large crypto players to follow suit as the industry benefits from Trump’s embrace of the sector, according to experts and analysts.

Circle priced its shares at $31 on Wednesday. In a sign of investor demand, they opened on the New York Stock Exchange on Thursday at $69 apiece and closed at $83.23.

That trajectory is likely to encourage other crypto companies eyeing stock market debuts. Circle is the first major crypto company to go public since crypto exchange Coinbase listed on Nasdaq in 2021.

Circle issues stablecoin USDC, a cryptocurrency pegged to the US dollar and designed to maintain a constant value. 

Crypto traders use stablecoins to move funds between tokens and proponents say they could be used to send and receive payments instantly.

Circle’s IPO success demonstrates that there is pent-up demand in the public markets for crypto and other financial technology companies, said Dan Dolev, senior analyst at Mizuho.