Bullish Files for US IPO Amid Crypto Market Volatility

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 go public via an IPO follows a previous attempt to go public through a special purpose acquisition company (SPAC) deal in 2021, which collapsed due to market conditions and rising interest rates. This latest move indicates the company's renewed confidence in its business model and its readiness to tap into the public markets.

Bullish’s filing for an IPO comes at a time when the crypto market is experiencing increased regulatory scrutiny and market volatility. However, the company's strategic move to list on the NYSE and its focus on key markets demonstrate its commitment to long-term growth and sustainability. The company's decision to expand into the U.S., the UK, and Asia also reflects its recognition of the global demand for crypto services and its intention to tap into these lucrative markets.

In summary, Bullish's filing for a U.S. IPO and its plans to list on the NYSE under the ticker "BLSH" represent a significant development in the crypto exchange industry. The company's financial performance, backed by major financial institutions, positions it as a strong contender in the market. Its expansion plans and strategic focus on key regions underscore its ambition to become a leading player in the global crypto exchange landscape.