Bullish, a cryptocurrency exchange owned by Bullish Global, has filed for an initial public offering (IPO) in the United States. The firm aims to list its ordinary shares on the New York Stock Exchange under the ticker symbol 'BLSH'.
Financial Performance of Bullish
The company reported a net income of approximately $80 million for fiscal year 2024. However, in the first quarter of 2025, the exchange reported a significant loss of $349 million, contrasting with a net profit of $104.8 million in the same quarter last year. Bullish also claims more than $1.9 billion in liquid assets, including cash, Bitcoin, and other digital assets.
Global Presence and Operations
Bullish operates through subsidiaries across multiple jurisdictions, including Hong Kong, the Cayman Islands, Singapore, the United Kingdom, Germany, and Gibraltar. Its Hong Kong subsidiaries play a crucial role in the exchange’s operations, providing engineering, cybersecurity, and technology services. Bullish HK Markets Limited holds regulatory licenses to facilitate digital asset trading.
Regulatory Changes in the Crypto Space
Recently, President Donald Trump signed the GENIUS Act, marking the first major U.S. legislation to regulate cryptocurrency, particularly focusing on the stablecoin market. The bill passed through Congress with bipartisan support. The signing included members from Congress and leaders of major crypto firms.
Bullish's IPO filing and the signing of the GENIUS Act may strengthen the cryptocurrency market's position in the U.S. Successes of other exchanges like Circle and Gemini could serve as additional motivation for future stock offerings in this sector.
