Crypto exchange Bullish files for IPO with SEC, plans NYSE listing as “BLSH” after reporting $80M 2024 profit and $1.9B in liquid assets.
Author: Akshat Thakur
July 4, 2025 — Cayman Islands-based cryptocurrency exchange Bullish has officially filed for an initial public offering (IPO) in the United States, targeting a listing on the New York Stock Exchange (NYSE) under the ticker symbol “BLSH.”
The IPO comes amid renewed optimism for public listings in the crypto space following strong debuts by Coinbase and Circle.
Bullish Global, the parent company of Bullish exchange, filed the F-1 with the U.S. Securities and Exchange Commission (SEC) on July 4. The filing does not disclose how many shares will be offered or the projected price range. However, underwriters will have a 30-day option to buy additional shares, signaling possible high demand.
The exchange operates across Hong Kong, Cayman Islands, Singapore, UK, Germany, and Gibraltar, with its Hong Kong subsidiaries handling key backend operations like custody, cybersecurity, and engineering. Bullish HK Markets Limited also holds regulatory licenses for digital asset trading.
Despite reporting $80 million net income for 2024, Bullish posted a $349 million loss in Q1 2025, compared to a $104.8 million profit in Q1 2024. Nevertheless, the exchange says it has over $1.9 billion in liquid reserves, spread across cash, Bitcoin, stablecoins, and other crypto assets.
These financial swings may reflect broader crypto market volatility and underscore the challenge of sustaining profitability in a highly cyclical industry.
Bullish’s IPO comes after a failed SPAC deal in 2021, when market conditions and rising interest rates shut down its first attempt. Now, with the crypto IPO landscape showing fresh momentum, Bullish joins a new wave of firms seeking entry into public markets.
Adding tailwinds to Bullish’s IPO ambitions, President Trump signed the GENIUS Act on July 4, marking the first comprehensive crypto regulation in the U.S. The bill sets clearer rules for stablecoins and digital asset companies, with backing from over 300 bipartisan lawmakers.
Representatives from Robinhood, Gemini, and Tether attended the signing, signaling growing cooperation between regulators and crypto leaders.
Our Crypto Talk is committed to unbiased, transparent, and true reporting to the best of our knowledge. This news article aims to provide accurate information in a timely manner. However, we advise the readers to verify facts independently and consult a professional before making any decisions based on the content since our sources could be wrong too. Check our Terms and conditions for more info.
Wasabi Protocol Exploited for Up to $4.5M via Admin-Key Compromise
Printr Founder Steps Down as CEO, Pledges Full Refund
Shinhan Card Signs Solana MOU for Stablecoin Payments
ZachXBT Questions Kraken Listing Standards Over $M And $SPC
Wasabi Protocol Exploited for Up to $4.5M via Admin-Key Compromise
Printr Founder Steps Down as CEO, Pledges Full Refund
Shinhan Card Signs Solana MOU for Stablecoin Payments
ZachXBT Questions Kraken Listing Standards Over $M And $SPC
