Bullish, the digital asset trading platform operating under Bullish Global, has officially submitted paperwork for an initial public offering (IPO) in the United States. The company, based in the Cayman Islands, intends to list its shares on the New York Stock Exchange (NYSE) under the proposed ticker symbol “BLSH.”
The specific quantity of shares to be offered to the public and their anticipated price range have not yet been determined. This information is pending, according to a registration document filed with the U.S. Securities and Exchange Commission (SEC) on Friday. The filing, however, does mention that the exchange has granted the financial institutions managing the IPO an option to purchase additional shares within a 30-day window.
Bullish’s financial reports indicate a net profit of around $80 million for the entirety of 2024. However, while the overall yearly figures are positive, the firm encountered a substantial decline in profitability during the first three months of 2025, showing a net loss of $349 million. This contrasts sharply with the $104.8 million net profit recorded during the corresponding period in 2024.
Furthermore, the exchange asserts that it holds over $1.9 billion in easily accessible assets. These assets are composed of cash, Bitcoin (BTC), various stablecoins, and other forms of digital currency.
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Bullish’s Global Operations Span Multiple Regions
Bullish conducts its business through a network of subsidiaries located across several international regions. These include Hong Kong, the Cayman Islands, Singapore, the United Kingdom, Germany, and Gibraltar.
According to the filing, the Hong Kong-based subsidiaries play a pivotal role in the exchange’s operations, providing essential services in areas such as software development, digital security, asset custody, and overall technological support. Specifically, Bullish HK Markets Limited possesses the necessary regulatory approvals within Hong Kong to facilitate digital asset trading activities.
Last month, the Financial Times reported earlier reports indicating that Bullish had confidentially filed documentation with the SEC for a potential US IPO. Jefferies, a well-known American investment bank, had been chosen as the primary underwriter to manage the offering.
The exchange had previously explored the possibility of going public in 2021 through a merger with a special purpose acquisition company (SPAC). However, those earlier plans were ultimately abandoned due to unfavorable market conditions and increasing interest rates.
Bullish’s current IPO pursuit comes amidst a wave of successes in the crypto IPO sphere. Circle, the organization responsible for issuing the USDC stablecoin, successfully secured $1.1 billion in funding through its recent public market debut. This result surpassed initial expectations and resulted in a significant gain of 167% in the initial trading day.
In early June, Gemini, the digital asset exchange co-founded by Cameron and Tyler Winklevoss, also discreetly submitted paperwork for a potential US stock market listing. The Winklevoss twins are also known to have supported Donald Trump’s reelection effort, and have backed pro-crypto political action committees.
See Also: Reports Suggest OKX Crypto Exchange May Pursue US IPO Following Relaunch
GENIUS Act Signed Into Law, a Victory for Crypto
President Donald Trump recently signed the GENIUS Act into law, representing the first major piece of U.S. legislation aimed at regulating the cryptocurrency industry, especially the stablecoin sector, valued at approximately $250 billion. The House of Representatives passed the bill with support from members of both parties.
The signing ceremony was attended by members of Congress as well as leaders from key crypto firms, including Robinhood, Tether, and Gemini. Initial progress on the bill had been briefly hindered by a group of conservative Republicans, but the issues were resolved following negotiations.
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