Bullish recorded $302 million revenue and $150 million net income in 2023 ahead of its IPO plans.
The exchange averaged $2.5 billion in daily trading volume in early 2025 ranking among top global platforms.
Bullish holds $874 million in cash and $2.4 billion in customer assets showing strong financial stability.
Crypto exchange Bullish has officially filed for an initial public offering with the U.S. Securities and Exchange Commission. The company will trade its shares in the New York Stock Exchange using the ticker symbol BLSH. Bullish will go into IPO with a solid financial background and increased market demand supported by Peter Thiel, a tech investor.
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Bullish reported $302 million in total revenue and $150 million in net income according to the SEC filing in 2023. These figures distinguish it among the majority of crypto exchanges and indicate robust internal controls.
Digital asset businesses have not seen many platforms with this level of profitability prior to entering the public markets. Bullish’s decision signals renewed optimism about the sector’s financial maturity and long-term growth.
High Trading Volumes Drive Market Position
Bullish has achieved significant growth in trading activity. In the first quarter of 2025, the exchange processed an average daily trading volume of $2.5 billion. This performance places Bullish among the top five global platforms for Bitcoin and Ether spot trading.
The company has recorded a total trading volume of more than 1.25 trillion in the time since its launch. It is equipped with an infrastructure that is capable of high-speed and high-volume transactions. This has established the platform as a favored marketplace by institutional clients.
The exchange has reported a strong balance sheet heading into the IPO. As of March 31, 2025, Bullish had $874 million in cash and managed $2.4 billion in customer assets. This capital base supports continued expansion and builds investor confidence.
Robust Asset Portfolio Strengthens Market Trust
Bullish holds a diversified portfolio of digital assets. Its filings show $963 million in Bitcoin and $1 billion in EOS on its balance sheet. These holdings reflect long-term confidence in the crypto market and provide liquidity assurance to investors.
The company operates with a clear focus on regulatory compliance and institutional-grade service. Its infrastructure and financial discipline have helped it attract professional clients. Bullish continues to build a reputation as a transparent and well-governed exchange.
Regulatory Shift Supports IPO Timing
Bullish’s IPO comes as other crypto firms pursue public listings. Circle, Grayscale, Etoro, and Gemini are also targeting U.S. markets. The trend points to growing interest in regulated platforms offering digital asset services.
The GENIUS Act, recently signed into law, has introduced clearer rules for stablecoins and compliance. This regulatory clarity boosts investor trust and encourages new growth. Bullish aims to scale under this improved framework and expand its institutional offerings. Its IPO marks a significant step in aligning with evolving U.S. regulations.
