Bullish, a cryptocurrency exchange backed by billionaire Peter Thiel, reported a $348.6 million quarterly loss in its U.S. IPO filing, contrasting with a $104.8 million profit during the same period last year. The filing comes amid growing investor interest in digital assets and a revitalized IPO market.
Bullish’s planned public debut will see it listed on the New York Stock Exchange under the ticker “BLSH.” Major financial institutions including J.P. Morgan, Jefferies, and Citigroup are underwriting the offering. This move follows the company’s failed attempt to go public via a SPAC deal in 2021, which collapsed in 2022 amid rising interest rates and tighter regulatory scrutiny.
Bullish joins other crypto firms aiming to enter public markets. Both Gemini and Grayscale have confidentially filed for U.S. listings, indicating renewed momentum in the sector. The IPO environment, which had cooled due to uncertainty over former President Donald Trump’s tariff policies, is showing signs of recovery. Circle Internet’s successful stablecoin-related IPO further underscores the market’s growing appetite for crypto-related equities.
Despite the loss, Bullish maintains a strong presence in institutional crypto trading, offering spot and derivatives products. Its push to go public reflects broader confidence in the long-term prospects of blockchain and digital assets.
As investor sentiment improves and capital markets rebound, Bullish’s IPO could serve as a bellwether for the crypto industry’s mainstream financial integration. The filing suggests that, despite current losses, the company sees long-term upside as institutional interest in crypto continues to grow.
With regulatory clarity improving and demand surging for blockchain-based financial services, Bullish’s listing could signal a new phase for crypto firms seeking legitimacy and access to traditional capital markets.