Bullish, a digital asset exchange sponsored by billionaire Peter Thiel, has filed for an IPO in the United States, intending to list on the New York Stock Exchange under the ticker symbol BLSH. The company filed SEC Form F-1 on Friday.
Bullish reported a net loss of $349 million to the Securities and Exchange Commission (SEC) in the first quarter of 2025, despite producing $80 million in digital asset sales. This is a sharp reversal from a year earlier when the company made a profit of $105 million on similar sales.
Bullish CEO Tom Farley says the company believes the crypto market is entering a new phase of growth. He emphasized that going public reflects the company’s commitment to transparency and regulatory compliance.
Bullish’s key investors include Block.one CEO Brendan Blumer, Pu Luo Chung VC, and Alexander See. The company had earlier planned to go public via a special purpose acquisition company, SPAC, in 2021 but delayed the move.
Bullish provides products such as spot trading, margin trading, and crypto derivatives. But its margin and derivative products are currently unavailable in the U.S. The company has its headquarters in the Cayman Islands.
Bullish’s IPO comes as more crypto companies are heading to public markets. For example, Circle Internet Group, a stablecoin issuer, recently saw its stock price rise up to 750% after its $1.2 billion IPO.
The IPO wave is partly fueled by support from the Trump administration and recent legislation like the GENIUS Act, which brings regulatory clarity to stablecoins.
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