Bullish Crypto Exchange Files for U.S. IPO — Ticker: BLSH
Cayman Islands-based crypto exchange Bullish has officially filed for a U.S. initial public offering (IPO), aiming to list on the New York Stock Exchange (NYSE) under the ticker “BLSH.”
According to a recent filing with the SEC, the number of shares and price range haven’t been disclosed yet. However, underwriters have a 30-day window to purchase more shares.
Financials Snapshot:
2024 Net Income: +$80 million
Q1 2025: Significant dip with $349 million in losses, compared to a $104.8M profit in Q1 2024
Liquid Assets: Over $1.9 billion in Bitcoin, stablecoins, cash, and other digital assets
Global Presence:
Bullish operates across six major jurisdictions including Hong Kong, UK, Singapore, Germany, and Gibraltar. Its Hong Kong division plays a key role in cybersecurity, engineering, custody, and tech services. Bullish HK Markets Limited also holds regulatory licenses for digital asset trading.
This IPO attempt follows Bullish’s earlier SPAC deal in 2021, which was shelved due to volatile market conditions. Now, with Jefferies as lead underwriter, Bullish is re-entering the IPO race as sentiment improves.
This move aligns with a broader crypto IPO wave:
Circle (USDC issuer) raised $1.1B in a blockbuster debut
Gemini (Winklevoss twins) also filed for IPO
OKX reportedly exploring a U.S. IPO
🏛️ Meanwhile, the GENIUS Act — signed by President Trump — has become the first major U.S. crypto law, boosting industry legitimacy and paving the way for firms like Bullish to go public with regulatory clarity.
