Bullish Files for US IPO Amid Crypto Market Surge

Bullish, a cryptocurrency exchange owned by Bullish Global, has filed for an initial public offering (IPO) in the United States. The Cayman Islands-based firm plans to list its ordinary shares on the New York Stock Exchange (NYSE) under the ticker symbol “BLSH.”

The exact number of shares to be offered and the price range remain unspecified, according to a Friday F-1 registration statement filed with the US Securities and Exchange Commission (SEC). However, the exchange has granted the underwriters a 30-day option to purchase additional shares.

For fiscal year 2024, Bullish reported a net income of approximately $80 million. However, despite this positive full-year result, the company experienced a significant downturn in the first quarter of 2025, reporting a net loss of $349 million compared to a $104.8 million net profit in the same quarter of 2024.

Furthermore, the exchange claims over $1.9 billion in liquid assets, including cash, Bitcoin (BTC), stablecoins and other digital assets.

Bullish operates through subsidiaries across multiple jurisdictions, including the Cayman Islands, Singapore, the United Kingdom, Germany, and Gibraltar. Its subsidiaries play a crucial role in the exchange’s operations, providing engineering, cybersecurity, custody, and technology services. Bullish HK Markets Limited holds regulatory licenses in Hong Kong to facilitate digital asset trading.

Bullish’s move comes amid recent successes in the crypto IPO space. Circle, the issuer of the USDC (USDC) stablecoin, raised $1.1 billion in its public debut last month, exceeding expectations and marking a record-setting 167% gain on its first day of trading. On June 6, Gemini, the exchange founded by Cameron and Tyler Winklevoss, also filed confidentially for a US listing.

Bullish’s decision to file for a U.S. IPO and list on the NYSE under the ticker "BLSH" is a strategic move aimed at expanding its global footprint and solidifying its position in the crypto exchange market. With a net income of $80 million and the support of major financial institutions, Bullish is poised to leverage the IPO proceeds for further growth and development, making it a notable player in the evolving digital asset landscape.