Bullish Crypto Exchange Files for US IPO, Targets NYSE Listing
Bullish, a Cayman Islands-based cryptocurrency exchange, has filed for an initial public offering (IPO) in the United States. The company plans to list its ordinary shares on the New York Stock Exchange (NYSE) under the ticker symbol ‘BLSH’. This development represents a significant milestone in Bullish’s expansion strategy within global financial markets.
Financial Performance Overview
According to its F-1 registration statement filed with the US Securities and Exchange Commission (SEC), Bullish reported $80 million net income for fiscal year 2024. However, Q1 2025 results showed a $349 million net loss, contrasting sharply with the $104.8 million net profit recorded in Q1 2024. The exchange maintains strong liquidity with $1.9 billion in assets, including Bitcoin (BTC), stablecoins, and cash reserves.
Global Operations and Compliance
Bullish operates through subsidiaries across six jurisdictions, with its Hong Kong entities playing a central role. Bullish HK Markets Limited holds regulatory licenses for digital asset trading, while other subsidiaries provide critical services including cybersecurity, custody solutions, and technology infrastructure.
IPO Journey and Market Context
After an unsuccessful 2021 attempt to go public via SPAC merger, Bullish now joins a wave of successful crypto listings. The exchange’s filing follows Circle’s notable $1.1 billion public debut with its USDC stablecoin last month.
Regulatory Developments
The cryptocurrency sector recently achieved a regulatory milestone with President Donald Trump signing the GENIUS Act. This bipartisan legislation establishes the first comprehensive US framework for cryptocurrency regulation, particularly addressing the $250 billion stablecoin market.
