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Crypto Exchange Bullish Files for U.S. IPO
The company plans a NYSE listing under the ticker “BLSH.”
Jul 19, 2025, 1:15 a.m. 1 min read
What to know:
- Bullish plans to list on the NYSE under the ticker “BLSH” and expand in the U.S., UK and Asia, according to a filing.
- The company recorded $80M in net income in 2024, driven by trading and data services, but reported a net loss of $349 million for the three months ended March 31, 2025.
Crypto exchange Bullish has filed for a public listing in the United States, according to a new F-1 registration filing.
The company, which is owned by Bullish Global (the parent company of CoinDesk), plans to trade on the New York Stock Exchange under the ticker “BLSH.”
Bullish, headquartered in the Cayman Islands, operates an institutional trading platform offering spot and derivatives trading and liquidity services, according to the filing.
The exchange reported $80 million in net income in 2024 and claims over $1.9 billion in liquid assets, including cash, bitcoin, stablecoins and other digital assets, the filing said. It reported a net loss of $349 million for the three months ended on March 31, 2025, a contrast to the $104.8 million net profit it reported for the three-month period ending on March 31, 2024.
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FalconX has hired Cantor and other bankers to advise on a potential IPO and confidentially filed draft paperwork with the SEC, though the listing is not expected until later this year amid volatile market conditions.
What to know:
- FalconX has confidentially filed a draft S-1 with the SEC and hired Cantor to advise on a potential IPO, according to a source.
- The crypto prime broker, last valued at $8 billion in 2022, serves institutional clients including hedge funds, asset managers and market makers.
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