Cryptocurrency exchange Bullish has formally filed for an Initial Public Offering (IPO) in the United States, seeking to list on the New York Stock Exchange under the ticker symbol 'BLSH'. The Cayman Islands-based firm submitted its F-1 registration statement to the SEC on July 18, though specifics regarding share quantity and pricing remain undisclosed.
Financially, Bullish reported $80 million net income for 2024 but suffered a $349 million net loss in Q1 2025—a significant reversal from its $104.8 million profit during the same period last year. The exchange holds $1.9 billion in liquid assets, including Bitcoin, stablecoins, and cash reserves. Underwriters retain a 30-day option to purchase additional shares post-IPO.
Notably backed by PayPal co-founder Peter Thiel, Bullish targets institutional investors with its high-liquidity trading infrastructure. Thiel's involvement lends credibility and signals confidence in crypto's integration with traditional finance. The exchange operates through subsidiaries across six jurisdictions, with Hong Kong entities handling core engineering and custody services under local regulatory licenses.
This move follows Bullish's failed 2021 SPAC attempt amid unfavorable market conditions. It coincides with a wave of crypto exchange listings, including Circle's recent $1.1 billion public debut (which surged 167% on day one) and Gemini's confidential filing in June.