- Bullish files for a U.S. initial public offering and seeks to list on the NYSE under the ticker “BLSH.”
- The exact number of shares and price range have not been disclosed; underwriters have a 30-day option for additional shares.
- The exchange reported net income of $80 million for 2024 but saw a $349 million net loss in early 2025.
- Bullish operates across six jurisdictions and holds over $1.9 billion in liquid assets.
- President Trump signed the GENIUS Act, the first major U.S. legislation regulating the cryptocurrency sector, especially stablecoins.
Bullish, a cryptocurrency exchange owned by Bullish Global, has filed for an initial public offering (IPO) in the United States. The Cayman Islands-based company plans to list its shares on the New York Stock Exchange (NYSE) under the ticker symbol “BLSH.”
According to a recent F-1 registration statement filed with the U.S. Securities and Exchange Commission (SEC), Bullish has not specified the number of shares it will offer or the price range. Underwriters have been granted a 30-day option to purchase more shares. For the fiscal year 2024, Bullish reported net income of around $80 million. However, in the first quarter of 2025, the company reported a net loss of $349 million, compared to a net profit of $104.8 million in the same quarter of 2024.
The company stated it holds over $1.9 billion in liquid assets, including cash, Bitcoin (BTC), stablecoins, and other digital currencies. Bullish operates through subsidiaries in Hong Kong, the Cayman Islands, Singapore, the United Kingdom, Germany, and Gibraltar. The Hong Kong subsidiaries handle engineering, Cybersecurity, custody, and technology services. Bullish HK Markets Limited is licensed to offer digital asset trading in Hong Kong.
Last month, the Financial Times reported that Bullish had also filed confidential paperwork with the SEC for a U.S. IPO, selecting Jefferies as the lead underwriter. The company previously tried to go public using a special purpose acquisition company (SPAC) in 2021, but the attempt fell through due to changing market conditions.
Recent developments in the crypto IPO space include Circle raising $1.1 billion in its public debut, achieving a 167% gain on its first trading day, and Gemini also filing confidentially for a U.S. listing. Both companies are part of a wave of industry moves responding to changes in regulation and market interest.
Meanwhile, on Friday, President Donald Trump signed the GENIUS Act, the first significant U.S. law regulating cryptocurrency, focusing especially on the $250 billion stablecoin market. The bill passed the House with bipartisan support and was celebrated at a signing ceremony with members of Congress and leaders from major crypto firms.
For more details on Bullish’s filing, refer to the official SEC document here.
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