Bullish NYSE IPO Aims to Capitalize on $1.25T Volume
Bullish, the Cayman Islands–based crypto exchange spun off from Block.one and backed by Peter Thiel, has filed for a NYSE IPO under ticker BLSH via an SEC Form F-1. Key investors include Nomura, Mike Novogratz, Founders Fund and Thiel Capital. Led by former NYSE president Tom Farley and underwritten by Jefferies with a 30-day green shoe option, the Bullish IPO aims to attract fresh capital and institutional investors. Since launch, Bullish has processed $1.25 trillion in trading volume, ending 2024 with $80 million in net income. Q1 2025 saw a $349 million loss on $80 million in digital-asset sales, versus a $105 million profit in Q1 2024. The platform holds $1.9 billion in liquid assets, including Bitcoin and stablecoins, and operates licensed subsidiaries across six jurisdictions, with custody and trading services in Hong Kong. The IPO follows a failed 2021 SPAC attempt and coincides with a wave of crypto listings—from Circle to Galaxy Digital and Gemini—underpinned by the GENIUS Act’s stablecoin protections. Traders should monitor how the NYSE IPO could boost liquidity, signal renewed institutional interest and pave the way for further digital-asset public listings.
Bullish
The Bullish IPO filing and $1.25 trillion trading volume track record highlight strong institutional backing and market liquidity, factors that typically drive positive price action. In the short term, the NYSE listing under ticker BLSH—supported by high-profile investors and a 30-day green shoe option—may spur accumulation by professional traders. Over the long term, public listing on NYSE is expected to enhance transparency, regulatory compliance and access to capital, underpinning sustained bullish momentum for Bullish’s associated assets.