Bullish US Files for $100M IPO on Back of Revenue Growth, but Profits May be Volatile

Bullish US LLC, a digital asset and cryptocurrency trading platform, has filed to raise $100 million in an IPO. The company has grown revenue but profits can swing wildly. Bullish US aims to capitalize on growth and stabilize profits through its IPO.

Title: Bullish US LLC Files for IPO to Capitalize on Growth and Stabilize Profits

Bullish US LLC, a digital asset and cryptocurrency trading platform, has filed to raise $100 million in an IPO. The company, based in the Cayman Islands, is seeking to capitalize on its growth and stabilize its volatile profits through this public offering. Bullish US, led by CEO Thomas W. Farley, a veteran of the finance industry, operates a platform that includes spot trading, futures, liquidity services, clearing, margin, options, and CoinDesk's insights, data, and indices.

The company has experienced significant revenue growth but has also faced substantial swings in its net results due to the volatility of digital asset holdings. Bullish US's total revenue for the period ended March 31, 2025, was $46.82 million, a 22% increase from the prior year. However, the company reported a loss of $348.84 million before income tax for the same period, a decrease of 745.1% compared to the prior year.

Bullish US's recent financial performance highlights its dependence on the digital asset market, where prices can fluctuate dramatically. The company's administrative expenses as a percentage of total revenue have trended lower over time, but its administrative efficiency multiple fell to 0.2x in the most recent reporting period, indicating a decline in operational efficiency.

Despite these challenges, Bullish US aims to use the proceeds from its IPO to fund general corporate and working capital purposes, including potential future acquisitions. The company's IPO filing indicates that it plans to use the net proceeds for unspecified general corporate and working capital purposes, including funding potential future acquisitions.

The global digital asset trading platform market is expected to reach $11 billion by 2033, representing a projected CAGR of 16% from 2023 to 2033. Bullish US faces intense competition from established exchanges like Coinbase, Robinhood, and Webull, as well as decentralized exchanges (DeFi). The company seeks to differentiate itself through its experienced management team and comprehensive suite of trading and information services.

Bullish US's recent capital spending history shows that it has spent lightly on capital expenditures as a percentage of its operating cash flow. The company's IPO filing indicates that it plans to pay zero dividends and will keep any future earnings and cash flow for its growth and liquidity requirements.

Bullish US's IPO is the latest in a series of cryptocurrency-related public offerings in 2025. Other notable companies that have gone public include Circle, Etoro, Galaxy Digital, and Gemini. These offerings reflect the growing acceptance of digital assets as legitimate investments by institutions and investors.

Bullish US's IPO filing is another significant step for the cryptocurrency industry, which has been working to gain acceptance as a legitimate investment class. The company's mission to drive the adoption of stablecoins, digital assets, and blockchain technology aligns with the broader industry trend of increasing institutional participation.

References:
[1] https://www.cnbc.com/2025/07/18/peter-thiel-backed-cryptocurrency-exchange-bullish-files-for-nyse-ipo.html
[2] https://seekingalpha.com/article/4803488-bullish-us-aims-for-ipo-on-growth-and-profit-swings