Bullish has officially submitted an IPO application, intending to list on the NYSE.
Cryptocurrency exchange Bullish, backed by Peter Thiel, has formally submitted an IPO application to the U.S. Securities and Exchange Commission (SEC), planning to list on the New York Stock Exchange under the ticker symbol 'BLSH.' This Cayman Islands-based exchange provides spot and derivative trading as well as liquidity services for institutional investors.
According to the F-1 registration documents submitted to the SEC, Bullish generated $302 million in revenue and $150 million in net profit in 2023, making it one of the few cryptocurrency platforms actively seeking public listing and profitability. The company reported a net profit of approximately $80 million in 2024 and claims to have over $1.9 billion in liquid assets, including cash, Bitcoin, stablecoins, and other digital assets.
Source: SEC Bullish's financial information from previous years
Bullish's CEO Tom Farley is the former president of the New York Stock Exchange. The company spun off from the cryptocurrency EOS development firm Block.one and acquired the well-known cryptocurrency media (CoinDesk) in 2023.
Strong trading volume performance, ranking among the top five exchanges globally.
Bullish has demonstrated strong performance in business. In the first quarter of 2025, the exchange's average daily trading volume exceeded $2.5 billion, placing it among the top five exchanges globally in terms of Bitcoin ($BTC) and Ethereum ($ETH) spot trading volume. Since the launch of the service, Bullish's total trading volume has surpassed $1.25 trillion.
In terms of financial condition, Bullish holds $874 million in cash and $2.4 billion in customer assets, while maintaining a substantial digital asset portfolio, including $963 million in Bitcoin and $1 billion in $EOS. The company operates through subsidiaries spread across six jurisdictions, including Hong Kong, the Cayman Islands, Singapore, the UK, Germany, and Gibraltar.
However, despite a strong performance throughout 2024, Bullish reported a net loss of $349 million in the first quarter of 2025, in stark contrast to the net profit of $104.8 million during the same period in 2024.
The wave of cryptocurrency IPOs is rising, and the regulatory environment is becoming clearer.
Bullish's IPO application comes at a time of heightened IPO activity in the cryptocurrency industry. Stablecoin issuer Circle successfully completed its IPO in June, raising $1.1 billion, and the first day's trading recorded a 167% increase, with the stock price rising more than seven times since the IPO. The Gemini exchange, founded by brothers Cameron and Tyler Winklevoss, has also secretly submitted an IPO application in the United States.
U.S. President Trump officially signed the (GENIUS Act) last Saturday, which is the first significant legislation in the U.S. aimed at cryptocurrencies, especially the $250 billion stablecoin market. The bill received bipartisan support in the House of Representatives, providing more protections for stablecoin users and helping to address the volatility issues that cryptocurrencies have long faced.
In this more favorable regulatory environment, companies like Bullish will be better positioned as transparent infrastructure providers, offering regulated services to institutional clients. According to reports from the (Financial Times), the U.S. investment bank Jefferies has been selected as the lead underwriter for Bullish's IPO.
'Bullish Exchange's financial report is impressive! Annual revenue reaches $300 million, officially launching IPO plans.' This article was first published in 'Crypto City.'
