Bullish Files for NYSE IPO After SPAC Termination

Bullish, a prominent digital asset platform, has taken a significant step towards going public by filing for an initial public offering (IPO) on the New York Stock Exchange (NYSE). The company, which operates a regulated digital asset exchange, has applied to list its ordinary shares under the ticker symbol ‘BLSH’. This move comes after a previous attempt to go public through a merger with a Special Purpose Acquisition Company (SPAC) was terminated in 2022 due to adverse market conditions and regulatory scrutiny.

The company has not yet disclosed the number of shares or a price range for the IPO. As a “foreign private issuer,” Bullish will be subject to reduced disclosure obligations under U.S. securities laws. The offering is contingent on market conditions, and the underwriters have a 30-day option to purchase additional shares. This filing reflects a broader effort across the cryptocurrency sector to access public capital and achieve regulatory clarity.

Bullish has received early backing from notable investors, including billionaire Peter Thiel, whose firms, Founders Fund and Thiel Capital, were among its initial investors. The platform combines an automated market maker with a central limit order book to serve institutional clients. While it has global operations, its subsidiaries handle essential services such as custody, engineering, and compliance. Bullish stated that it does not operate in mainland China and is not subject to oversight by the China Securities Regulatory Commission or Cyberspace Administration of China.

Bullish's IPO filing is part of a broader trend in the cryptocurrency sector, where several companies have sought mainstream acceptance and institutional adoption through public listings. This year has seen notable public listings, including stablecoin issuer Circle, online trading platform Etoro, and Galaxy Digital. Gemini, the exchange founded by the Winklevoss twins, also filed confidentially for a U.S. IPO in June, indicating strong market confidence in crypto exchanges going public.

The regulatory landscape for digital assets has also evolved significantly. The GENIUS Act, signed into law, introduces consumer protections for stablecoins, digital currencies pegged to assets like the U.S. dollar. Executives from Ondo Finance, Bitpanda, and Gluwa view this as a pivotal shift, emphasizing the importance of legal clarity for full institutional involvement. The passage of the GENIUS Act is seen as a positive development that could boost investor confidence and fuel optimism in the crypto market.

Bullish's IPO filing positions the company among a new wave of crypto-native firms seeking to bridge the gap between traditional finance and blockchain technology. The move underscores the growing acceptance of digital assets in the financial mainstream and the potential for further innovation in the sector. As Bullish prepares to go public, it joins a growing list of cryptocurrency exchanges aiming to capitalize on the increasing interest and investment in digital currencies.