Cryptocurrency exchange Bullish has officially filed an F-1 registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering on the New York Stock Exchange. The exchange plans to list under the symbol ‘BLSH’ with $1.9 billion in liquid assets backing the move. Underwriters involved in the offering secured a 30-day option to purchase supplemental shares.
The filing reveals contrasting financial performance, including $80 million net income for 2024 but a significant $349 million net loss during the first quarter of 2025 – diverging sharply from its $104.8 million profit in Q1 2024. Bullish operates globally across multiple jurisdictions including Hong Kong, Singapore, the Cayman Islands, the UK, Germany, and Gibraltar, strategically leveraging diverse regulatory environments.
This IPO effort aligns with growing interest in crypto-related public listings, mirroring Circle’s successful market debut and Gemini’s confidential SEC filing. The development follows the recent enactment of the GENIUS Act, which establishes a regulatory framework for digital assets that may benefit established exchanges navigating compliance requirements.