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.
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Bullish’s subsidiaries span six jurisdictions
Bullish operates through subsidiaries across multiple jurisdictions, including Hong Kong, the Cayman Islands, Singapore, the United Kingdom, Germany, and Gibraltar.
Its Hong Kong subsidiaries play a crucial role in the exchange’s operations, providing engineering, cybersecurity, custody, and technology services, per the filing. Bullish HK Markets Limited holds regulatory licenses in Hong Kong to facilitate digital asset trading.
Last month, the Financial Times reported that Bullish has filed confidential paperwork with the SEC for a US IPO. The report said that American investment bank Jefferies was selected as the lead underwriter for the offering.
The exchange, which previously attempted to go public via a special purpose acquisition company (SPAC) deal in 2021, saw its earlier efforts collapse as markets soured amid rising interest rates.
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. Both brothers supported Trump’s reelection bid and have backed crypto-focused political action committees.
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Win for crypto as Trump signs GENIUS Act
President Donald Trump signed the GENIUS Act on Friday, marking the first major US legislation to regulate cryptocurrency, especially the $250 billion stablecoin market. The bill had passed the House with bipartisan support from 206 Republicans and 102 Democrats.
The signing ceremony included members of Congress and leaders from major crypto firms like Robinhood, Tether, and Gemini. The bill’s progress was briefly blocked by a dozen conservative Republicans but was cleared after negotiations.
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