An initial public offering (IPO) has been filed in the US by Bullish, a cryptocurrency exchange that is controlled by Bullish Global. Using the ticker symbol “BLSH,” the Cayman Islands-based company intends to list its ordinary shares on the NYSE.
Q1 2025 loss despite strong 2024 performance
According to a registration statement that was submitted with the US Securities and Exchange Commission (SEC) on Friday, the actual number of shares to be sold and the price range are yet unknown. Nevertheless, the underwriters have been allowed a 30-day option by the exchange to acquire further shares.
The net income for fiscal year 2024 was about $80 million, according to Bullish. Nevertheless, the company’s fortunes took a sharp turn for the worst in the first quarter of 2025. Posting a net loss of $349M, in stark contrast to the $104.8M net profit recorded in the same period of 2024. This setback occurred despite the excellent full-year performance.
In addition, the exchange claims ownership of more than $1.9 billion worth of digital assets. Including Bitcoin, stablecoins, cash, and others. Hong Kong, Singapore, the Cayman Islands, the UK, Germany, and Gibraltar are just a few of the countries where Bullish’s companies are active.
According to the filing, the exchange’s operations rely heavily on the engineering, cybersecurity, custody, and technology services provided by its Hong Kong companies. Cryptocurrency trading is made possible by Bullish HK Markets Limited, which has the necessary regulatory permits in Hong Kong.
A US initial public offering (IPO) has been officially registered with the SEC by Bullish. This is according to last month’s Financial Times report. According to the article, the offering’s principal underwriter is the American financial firm Jefferies.
The exchange’s prior attempts to go public via a SPAC offering in 2021 were unsuccessful. Due to market pessimism caused by increasing interest rates. Bullish’s failed SPAC merger in 2021 remains a key reference point in its IPO journey. Meanwhile, Bullish’s global operations continue to rely on robust tech infrastructure.
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Source: https://thenewscrypto.com/crypto-exchange-bullish-files-for-ipo-in-the-u-s-amid-optimistic-regulatory-advancements/