Bullish Crypto Exchange Files for US IPO, Eyes NYSE Debut as “BLSH”

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 Targets US Markets After Global Expansion

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.

Financials Show Mixed Picture

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.

Previous IPO Attempts and Industry Momentum

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.

• Circle (USDC issuer) raised $1.1 billion in its IPO last month, with shares surging 167% on debut
• Gemini filed confidentially for IPO in June
• OKX is also reportedly exploring a US IPO route

Regulatory Clarity with GENIUS Act

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.