La plateforme crypto Bullish dépose une demande d’introduction en bourse aux États-Unis, visant une cotation au NYSE sous le symbole “BLSH”.

Bullish Global's IPO Plans

Bullish, a cryptocurrency exchange owned by Bullish Global, has filed for an initial public offering (IPO) in the United States. The Cayman Islands-based firm is aiming to list its ordinary shares on the New York Stock Exchange (NYSE) under the ticker symbol “BLSH.” The exact number of shares to be offered and the price range are yet to be specified, as per a Friday F-1 registration statement filed with the US Securities and Exchange Commission (SEC). However, the exchange has granted the underwriters a 30-day option to purchase additional shares.

Financial Performance and Assets

For fiscal year 2024, Bullish reported a net income of approximately $80 million. Despite this positive result, the company faced a significant downturn in the first quarter of 2025, reporting a net loss of $349 million compared to a $104.8 million net profit in the same quarter of 2024. Additionally, the exchange claims to have over $1.9 billion in liquid assets, including cash, Bitcoin (BTC), stablecoins, and other digital assets.

Operational Structure and Previous Attempts

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 various services such as engineering, cybersecurity, custody, and technology. Bullish HK Markets Limited holds regulatory licenses in Hong Kong for digital asset trading. The exchange had previously attempted to go public via a special purpose acquisition company (SPAC) deal in 2021, which fell through due to market conditions. Now, with its latest IPO filing, Bullish aims to join the ranks of other successful crypto IPOs, such as Circle and Gemini.