President Trump officially signed the first federal bill regulating stablecoins (GENIUS Act), and with the loosening of regulations and clarity of positioning, the cryptocurrency industry is gearing up to enter the IPO market. Cryptocurrency exchange Bullish Global is expected to go public with the ticker BLSH, having acquired the well-known cryptocurrency media CoinDesk from Digital Currency Group in 2023 for an all-cash deal, with investors including billionaire Peter Thiel.
Bullish's parent company is Block.one, the developer of EOS.
The development company behind the EOS blockchain, Block.one, announced in May 2021 that it had raised $10 billion in funding with other investors to establish a new subsidiary, Bullish Global, with investors including Thiel Capital, Founders Fund, Galaxy Digital, international investment bank Nomura, and other individual investors. They launched a blockchain-based decentralized exchange called Bullish, with former New York Stock Exchange chairman Tom Farley as the CEO.
Bullish is a regulated cryptocurrency exchange that allows users to buy, sell, and trade digital assets such as Bitcoin and Ethereum. It currently uses a private version of the EOS blockchain and records transactions on the EOS chain.
Bullish will go public with the ticker BLSH.
Bullish had planned to go public in 2021 through a SPAC merger with Farley Acquisition Corp, but ultimately fell through.
Now Bloomberg reports that Bullish has officially submitted its IPO application, with the offering led by JPMorgan, Jefferies Financial Group, Citigroup, Cantor Fitzgerald LP, Deutsche Bank, and Société Générale. The company plans to list on the New York Stock Exchange under the ticker BLSH.
Bullish reported a net loss of $348.6 million in the first quarter of this year, while the net income for the same period last year was $104.8 million.
Circle leads the way as cryptocurrency companies rush into the IPO market.
Stablecoin issuer Circle has seen its stock price soar more than sixfold since its IPO in June, easily becoming the best-performing company on its first day in the U.S. stock market this year.
Others, including exchanges OKX, Kraken, Gemini, and BitGo, as well as cryptocurrency asset management giant Grayscale, have also been reported to be preparing for IPOs, further strengthening market expectations for cryptocurrency company IPOs.
President Trump officially signed the first federal bill regulating stablecoins (GENIUS Act) on Friday, praising it as a "significant step to solidify the United States' leading position in global finance and cryptocurrency technology," bringing a major victory for the digital asset industry.
Cryptocurrency companies are also following this wave, moving closer to mainstream capital markets. In addition to enhancing brand transparency and regulatory compliance, the fresh capital from being publicly listed will also become a key driver for companies to expand product lines and establish a global market presence.
This article "Cryptocurrency IPOs make another move, Bullish will go public with BLSH" first appeared in Chain News ABMedia.
