Bullish has filed for U.S. IPO, aiming for a NYSE listing under “BLSH” despite early 2025 losses. The company now holds $1.9 billion in liquid assets.
By Godfrey Benjamin
Editor Kirsten Thijssen
Updated
3 mins read
Bullish, a digital asset exchange based in the Cayman Islands, has filed to go public in the United States. The company is seeking a listing on the New York Stock Exchange under the ticker symbol BLSH. This will mark its first major step toward becoming a publicly traded firm.
Leading cryptocurrency exchange Bullish has submitted its registration to the U.S. Securities and Exchange Commission as it prepares to launch an initial public offering.
The company, owned by Bullish Global, wants to list its ordinary shares on the New York Stock Exchange. The filing was made public on Friday through an F-1 form, but details such as the number of shares and the expected price range were not included.
According to the update, the company has given underwriters a 30-day window to purchase additional shares if needed. Jefferies, a U.S. investment bank, has been named as the lead underwriter for the offering.
Bullish reported strong financial results last year, with a net income of approximately $80 million in 2024. However, it began 2025 on a weaker note. In the first quarter, the company posted a net loss of $349 million. That represents a significant decline from the $104.8 million profit it reported in the same quarter the previous year.
Despite the loss, Bullish holds more than $1.9 billion in liquid assets. This includes cash, Bitcoin, stablecoins, and other digital currencies. The company states that it remains in a strong financial position as it proceeds with the IPO.
It is worth noting that this is not Bullish’s first attempt to go public. It attempted to pursue a SPAC deal in 2021, but the plan fell through due to challenging market conditions and rising interest rates.
It is worth noting that while its IPO is focused on the U.S., Bullish has a broad international presence. It operates through subsidiaries in Hong Kong, Singapore, the U.K., Germany, Gibraltar, and its home base in the Cayman Islands.
The company’s Hong Kong unit plays a key role. It holds licenses that enable it to trade digital assets under local law. It also handles cybersecurity, custody, and engineering services for the group.
Bullish’s IPO comes amid rising activity in the crypto market. Other firms, such as Gemini and Ripple Labs, are also eyeing public listings. Coinspeaker reported that Circle, the USDC issuer, is finally listed on the New York Stock Exchange after a successful IPO filing.
Meanwhile, Coinspeaker recently reported that the U.S. government has passed the GENIUS Act, a new law aimed at introducing more explicit rules to the cryptocurrency space. This could pave the way for more companies like Bullish to enter the public market.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
