Bullish plans to list on the NYSE as it files for an IPO in the U.S.
- Bullish filed for a U.S. IPO and aims to trade under the “BLSH” symbol.
- Despite recent losses, it holds $1.9 billion in liquid assets.
- IPO move follows major crypto firms’ public listings.
Bullish Files for U.S. IPO
Crypto exchange Bullish has officially filed for an initial public offering (IPO) in the United States. The exchange aims to list its shares on the New York Stock Exchange (NYSE) under the ticker symbol “BLSH.” The company did not say how many shares it will sell or at what price.
Financial Details Show Mixed Results
According to its filing with the Securities and Exchange Commission (SEC), Bullish reported a strong performance in 2024 with about $80 million in net income. However, early 2025 has been rough. The firm posted a $349 million net loss in Q1 2025, compared to a $104.8 million profit in Q1 2024.
Despite the loss, Bullish claims to hold over $1.9 billion in liquid assets. These include cash, Bitcoin (BTC), stablecoins, and other cryptocurrencies, which can help support its operations and growth.
Global Operations Across Six Regions
Bullish runs its business through several companies located in six regions: Hong Kong, the Cayman Islands, Singapore, the U.K., Germany, and Gibraltar. Its Hong Kong branch handles important areas like engineering, cybersecurity, custody, and technology. Bullish HK Markets Limited also has local licenses to offer digital asset trading in the city.
Past IPO Attempts and Market Outlook
This is not Bullish’s first attempt at going public. In 2021, it tried a SPAC deal to enter the market but failed due to worsening economic conditions. Now, the firm is trying again amid growing interest in crypto stocks. Jefferies, a U.S. investment bank, will lead the IPO process.
Bullish’s move follows other big names like Circle and Gemini, who also recently filed or launched IPOs. Circle, known for the USDC stablecoin, raised $1.1 billion and saw a 167% gain on its first trading day. Gemini also filed confidentially for a U.S. listing in June.
Source: cointelegraph.com
