Bullish Files for IPO, Led by JPMorgan and Jefferies, Amid Crypto Market Boom

Bullish, a digital-asset exchange and owner of CoinDesk, has filed for an IPO led by JPMorgan Chase, Jefferies, and others. The company plans to trade on the NYSE under BLSH and has a net loss of $348.6 million for Q1 2022, compared to a net income of $104.8 million in Q1 2021. Bullish's IPO comes after Gemini Space Station and Grayscale Investments filed confidentially for an IPO earlier this year. The cryptocurrency industry is aggressively pushing onto public markets, fueled by a surge in stablecoin issuer Circle Internet Group's stock since its June IPO.

Cryptocurrency firm Bullish has filed for an initial public offering (IPO) on the New York Stock Exchange (NYSE), signaling a continued push by digital-asset companies into public markets. The company, which owns CoinDesk, plans to list under the symbol "BLSH" and is being underwritten by J.P. Morgan, Jefferies, and Citigroup [1].

Bullish's IPO comes amidst a surge in crypto firms seeking public listings. Earlier this year, Gemini Space Station and Grayscale Investments filed confidentially for IPOs, following the high-profile debut of stablecoin issuer Circle Internet Group in June [2, 3]. This trend reflects a growing acceptance of digital assets by traditional financial institutions and investors.

Despite the uncertainty surrounding President Donald Trump's tariff policies and heightened volatility, sentiment in the IPO market is shifting as new listings gain traction. Bullish reported a net loss of $348.6 million for Q1 2022, compared to a net income of $104.8 million in Q1 2021, highlighting the challenges faced by crypto firms in their early years [1].

Grayscale Investments, known for its Bitcoin and Ethereum trusts, is also pursuing an IPO. The company manages over $33 billion in assets and has more than three dozen products, according to its website. Grayscale's IPO would provide access to broader capital markets, enabling it to raise funds beyond its ETF products and expand its stablecoin offerings [3].

The crypto industry's aggressive push onto public markets is driven by the success of companies like Circle, which saw its stock surge following its IPO in June. This trend is likely to continue, with more crypto firms seeking to leverage public markets for growth and expansion.

References:
[1] https://money.usnews.com/investing/news/articles/2025-07-18/cryptocurrency-firm-bullish-files-for-us-ipo
[2] https://finance.yahoo.com/news/jpmorgan-chase-second-quarter-2025-192050518.html
[3] https://www.ainvest.com/news/grayscale-joins-wave-crypto-firms-confidential-ipo-filing-2507/