Bullish, a cryptocurrency exchange operated by Bullish Global, has filed for an initial public offering (IPO) in the United States. The Cayman Islands-based company plans to list its ordinary shares on the New York Stock Exchange (NYSE) under the ticker symbol “BLSH.”
Details on the number of shares and pricing range have not yet been disclosed, according to the F-1 registration statement filed Friday with the U.S. Securities and Exchange Commission (SEC). The filing notes that underwriters will have a 30-day option to purchase additional shares.
For the full year 2024, Bullish reported a net income of roughly $80 million. However, the company saw a sharp reversal in early 2025, posting a net loss of $349 million in the first quarter—down from a net profit of $104.8 million during the same period in 2024.
Bullish also disclosed it holds more than $1.9 billion in liquid assets, including cash, Bitcoin, stablecoins, and other digital assets.
Bullish operates through subsidiaries across six different jurisdictions
Bullish operates through subsidiaries in six jurisdictions, including Hong Kong, the Cayman Islands, Singapore, the United Kingdom, Germany, and Gibraltar.
According to its filing, the company’s Hong Kong entities are central to its operations, providing key services such as engineering, cybersecurity, custody, and technology. Bullish HK Markets Limited, in particular, holds regulatory licenses in Hong Kong to facilitate digital asset trading.
Last month, the Financial Times reported that Bullish had submitted confidential IPO paperwork to the U.S. Securities and Exchange Commission (SEC), with investment bank Jefferies named as lead underwriter.
This isn’t Bullish’s first attempt at going public. In 2021, the company pursued a SPAC merger, but the deal ultimately fell through as rising interest rates dampened market conditions.
Bullish’s renewed push comes amid a wave of crypto firms entering public markets. Stablecoin issuer Circle made a strong debut last month, raising $1.1 billion and seeing its shares surge 167% on the first day of trading—a record performance. On June 6, Gemini, the exchange founded by Cameron and Tyler Winklevoss, also filed confidentially for a U.S. listing. Both brothers have supported Donald Trump’s reelection campaign and contributed to crypto-focused political action committees.
Victory for Crypto: Trump Signs GENIUS Act into Law
President Donald Trump signed the GENIUS Act into law on Friday, marking the first major piece of U.S. legislation aimed at regulating the cryptocurrency industry—particularly the $250 billion stablecoin market. The bill passed the House with strong bipartisan support, receiving votes from 206 Republicans and 102 Democrats.
The signing ceremony was attended by members of Congress and top executives from leading crypto firms, including Robinhood, Tether, and Gemini. Although the bill faced a temporary delay due to opposition from a group of conservative Republicans, it ultimately moved forward following negotiations.
