Crypto exchange Bullish, backed by billionaire investor Peter Thiel, has confidentially filed paperwork for an initial public offering (IPO) in the U.S.

The U.S. Securities and Exchange Commission has reportedly requested that companies seeking to launch spot solana (SOL) exchange-traded funds submit updated S-1 filings within the next week.

Guggenheim Treasury Services is deepening its foray into blockchain-linked debt with a new partnership that brings its tokenized commercial paper product to the XRP Ledger. 

Top stories in the Crypto Roundup today:

• Peter Thiel-Backed Crypto Exchange Bullish Files for IPO
• SEC Asks Solana ETF Issuers to Amend Filings
• Guggenheim Expands Tokenized Debt Offering to XRP Ledger

Peter Thiel-Backed Crypto Exchange Bullish Files for IPO

Crypto exchange Bullish, backed by billionaire investor Peter Thiel, has confidentially filed paperwork for an initial public offering (IPO) in the U.S.

The filing, made with the Securities and Exchange Commission (SEC), signals renewed interest in regulated crypto vehicles as political winds shift in favor of the industry.

Bullish, which offers a blockchain-based trading platform for digital assets and owns CryptoCompare, previously attempted to go public via a SPAC deal in 2021. That effort was shelved in 2022 as markets soured under rising interest rates. 

The exchange, founded with backing from Thiel and led by former NYSE Group president Tom Farley, claims to offer “market leading order depth and consistently tight spreads.” Jefferies will act as the lead underwriter for the IPO, though the bank declined to comment.

SEC Asks Solana ETF Issuers to Amend Filings

The U.S. Securities and Exchange Commission has reportedly requested that companies seeking to launch spot solana (SOL) exchange-traded funds submit updated S-1 filings within the next week.

The agency also told issuers it will respond to the amended documents within 30 days.

The SEC is asking firms to revise language around in-kind redemptions and staking, two key technical issues in ETF structure. Two sources said the agency appears open to allowing staking as part of the fund’s operations, a feature that would set these ETFs apart from previously approved bitcoin and ether products.

One person estimated the updates could fast-track the ETF approval process, with decisions coming in as little as three to five weeks. Bloomberg Intelligence analyst James Seyffart suggested approvals might arrive as soon as July, noting that industry participants have likely been working with the SEC’s crypto task force to preemptively resolve regulatory concerns.

Guggenheim Expands Tokenized Debt Offering to XRP Ledger

Guggenheim Treasury Services is deepening its foray into blockchain-linked debt with a new partnership that brings its tokenized commercial paper product to the XRP Ledger. 

The expansion follows a successful launch on Ethereum in September 2024, which has processed over $280 million in issuance.

Ripple, which developed the XRP Ledger, is investing $10 million into the new offering, according to Markus Infanger, senior vice president at RippleX. 

The company is also exploring how the tokenized product might be used for payments and purchases through Ripple’s upcoming stablecoin.

The fixed-income product is a digital version of commercial paper backed entirely by short-term U.S. Treasuries. It is issued with flexible maturities of up to 397 days and managed via Zeconomy’s tokenization platform.

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