Blockchain Firm Bullish Turns Doubt to Daring Growth

Bullish, a blockchain-based digital asset platform, has experienced a recent uptick in market interest following the release of positive financial guidance for the third quarter of 2025 and a better-than-expected second-quarter performance. The company, which operates under the legal entity Bullish (GI) Limited and is listed on the New York Stock Exchange under the ticker BLSH, reported a 12-month revenue of $167 million as of March 31, 2025. This figure reflects a notable revenue trajectory, particularly against the backdrop of an industry that has faced volatility in recent years.

The firm's Q2 results exceeded market expectations, demonstrating resilience amid broader market uncertainty. While the company did not disclose exact Q2 revenue figures, analysts have pointed to the strength of its institutional-focused services and the robustness of its hybrid market architecture as key contributors to its outperformance. The firm’s business model integrates centralized and decentralized finance (DeFi) systems, leveraging a central limit order book (CLOB) alongside proprietary automated market-making (AMM) technology to offer deep, reliable liquidity. This infrastructure has been instrumental in supporting both spot and derivative trading across multiple asset classes.

Bullish has also expanded its offerings through strategic acquisitions, including the purchase of CoinDesk and CCData in 2023 and 2024, respectively. These moves have enhanced its data and media capabilities, positioning the firm as a leader in digital asset information services. The acquisition of CoinDesk, in particular, has allowed Bullish to offer institutional-grade market intelligence and news coverage, further solidifying its market presence.

In addition to its operational and strategic developments, Bullish has made notable progress in its capital-raising efforts. The company filed for an initial public offering (IPO) in July 2025, aiming to raise up to $100 million. Following the filing, Bullish set a pricing range of $28 to $31 per share for 20.3 million shares, with the potential to raise up to $599 million in total. The IPO, led by underwriters including J.P. Morgan and Citigroup, represents a significant milestone for the firm and reflects investor confidence in its business model and growth prospects.

Bullish’s revenue growth and strategic expansion are supported by a strong compliance framework and a commitment to institutional-grade security standards. The platform holds a DLT license from the Gibraltar Financial Services Commission and adheres to a full-reserve model, ensuring that customer funds are segregated and never used as collateral. These operational safeguards have contributed to Bullish’s credibility in a market that has historically struggled with trust and regulatory scrutiny.

Looking ahead, the firm is expected to continue expanding its global footprint and deepening its institutional offerings. With a strong balance sheet, a growing client base, and a clear focus on innovation and compliance, Bullish is well-positioned to capitalize on the ongoing digital asset market evolution.