Crypto exchange Bullish files for US IPO, targets NYSE listing as “BLSH”
2025-07-19 08:14:50
Main Idea
Cryptocurrency exchange Bullish has filed for a US IPO, aiming to list on the NYSE under the ticker 'BLSH', despite reporting a net loss in Q1 2025 after a profitable 2024.
Key Points
1. Bullish, a Cayman Islands-based crypto exchange, filed an F-1 registration with the SEC for a US IPO, targeting a NYSE listing under 'BLSH'.
2. The exchange reported a net income of $80 million in 2024 but a net loss of $349 million in Q1 2025, contrasting with a $104.8 million profit in the same period previously.
3. Bullish has over $1.9 billion in liquid assets and subsidiaries in six jurisdictions, including Hong Kong, Singapore, and the UK.
4. Jefferies was selected as the lead underwriter for the IPO; Bullish previously attempted a SPAC deal in 2021.
5. The filing follows recent successful crypto IPOs, such as Circle's $1.1 billion debut and Gemini's confidential listing filing.
Description
Cayman Islands-based Bullish has filed for IPO registration with the SEC, aiming to list on NYSE as “BLSH.”
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