In a significant move for the cryptocurrency industry, Bullish, a cryptocurrency exchange based in the Cayman Islands, has officially filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC). The company plans to list its ordinary shares on the New York Stock Exchange (NYSE) under the ticker symbol ‘BLSH’.
While the F-1 registration statement filed with the SEC does not specify the number of shares to be offered or the price range, it does grant underwriters a 30-day option to purchase additional shares. This move comes at a time when Bullish has reported a net income of approximately $80 million for fiscal year 2024. However, it also faces challenges, evidenced by its reported net loss of $349 million in Q1 of 2025, a dramatic downturn compared to a net profit of $104.8 million in the same quarter of the previous year.
Despite the recent financial challenges, Bullish boasts strong liquidity, with over $1.9 billion in liquid assets, including cash, Bitcoin (BTC), stablecoins, and other digital assets. The exchange operates through several subsidiaries in jurisdictions such as Hong Kong, Singapore, the United Kingdom, Germany, and Gibraltar. According to the filing, the Hong Kong subsidiaries are instrumental in providing engineering, cybersecurity, custody, and technology services.
In a recent development, Circle, the issuer of the USDC stablecoin, successfully raised $1.1 billion in its public debut, highlighting a growing trend of successful IPOs within the crypto space. Additionally, on June 6, another crypto exchange founded by the Winklevoss twins, Gemini, filed for a US listing, indicating rising institutional interest in crypto IPOs.
As the crypto market evolves, Bullish’s IPO filing coincides with the signing of the GENIUS Act by President Donald Trump, marking the first major US legislation aimed at regulating the cryptocurrency market, particularly targeting the burgeoning $250 billion stablecoin sector. The passage of this bill has been supported by a bipartisan coalition, which included members from both the Republican and Democratic parties. With these developments, the landscape for cryptocurrency companies looking to go public appears more favorable than ever.
