Cayman Islands-based Bullish filed for IPO registration with the SEC, aiming to list on the NYSE as “BLSH.”
Bullish, a cryptocurrency exchange owned by Bullish Global, filed for an initial public offering (IPO) in the United States. The Cayman Islands-based firm plans to list its ordinary shares on the New York Stock Exchange (NYSE) under the ticker symbol “BLSH.”
The exact number of shares to offer and their price range remain unspecified, according to a Friday F-1 registration statement filed with the US Securities and Exchange Commission (SEC). However, the exchange granted the underwriters a 30-day option to purchase additional shares.
Bullish reported a net income of approximately $80 million for fiscal year 2024. However, despite this positive full-year result, the company experienced a significant downturn in the first quarter of 2025, reporting a net loss of $349 million compared to a $104.8 million net profit in the same quarter of 2024.
Bullish Expands Global Footprint Across Six Jurisdictions
Furthermore, the exchange claims over $1.9 billion in liquid assets, including cash, Bitcoin (BTC), stablecoins, and other digital assets.
Bullish conducts operations through subsidiaries across multiple jurisdictions, including Hong Kong, the Cayman Islands, Singapore, the United Kingdom, Germany, and Gibraltar.
Its Hong Kong subsidiaries play a crucial role in the exchange’s operations, providing engineering, cybersecurity, custody, and technology services, per the filing. Bullish HK Markets Limited holds regulatory licenses in Hong Kong to facilitate digital asset trading.
Last month, the Financial Times reported that Bullish filed confidential paperwork for a US IPO with the SEC. The report stated that American investment bank Jefferies was selected as the lead underwriter for the offering.
The exchange, which previously attempted to go public via a special purpose acquisition company (SPAC) deal in 2021, saw its earlier efforts collapse as markets soured amid rising interest rates.
Bullish’s move comes amid recent successes in the crypto IPO space. Circle, the issuer of the USDC stablecoin, raised $1.1 billion in its public debut last month, exceeding expectations and marking a record-setting 167% gain on its first day of trading.
On June 6, Gemini, the exchange founded by Cameron and Tyler Winklevoss, made a confidential filing for a US listing. Both brothers supported Trump’s reelection bid and have backed crypto-focused political action committees.
GENIUS Act Signed: A Victory for Crypto
On Friday, President Donald Trump signed the GENIUS Act, marking the first major US legislation to regulate cryptocurrency, especially the $250 billion stablecoin market. The bill had passed the House with bipartisan support from 206 Republicans and 102 Democrats.
The signing ceremony included members of Congress and leaders from major crypto firms like Robinhood, Tether, and Gemini. A dozen conservative Republicans briefly blocked the bill’s progress, but negotiations cleared it.
