Crypto exchange Bullish files for US IPO, targets NYSE listing as “BLSH”

Crypto Exchange Bullish Eyes US IPO, Plans NYSE Debut as “BLSH”

Bullish, a cryptocurrency exchange based in the Cayman Islands, has taken a significant step towards expanding its reach by filing for an Initial Public Offering (IPO) in the United States. The company intends to list its ordinary shares on the prestigious New York Stock Exchange (NYSE), trading under the ticker symbol “BLSH“. This move signals growing confidence in the crypto market and could open new avenues for Indian investors interested in the digital asset space.

IPO Details and Financial Performance

While the precise number of shares to be offered and the anticipated price range remain undisclosed, the company has submitted an F-1 registration statement to the US Securities and Exchange Commission (SEC). The underwriters for the IPO have been granted a 30-day option to purchase additional shares, indicating a potential for increased market participation.

Financially, Bullish demonstrated a mixed performance. For the fiscal year 2024, the exchange reported a net income of approximately $80 million. However, the first quarter of 2025 presented a different picture, with a reported net loss of $349 million, a stark contrast to the $104.8 million net profit recorded in the same quarter of the previous year. These figures will undoubtedly be scrutinized by potential investors.

What This Means for Indian Investors

Bullish’s IPO is likely to generate substantial interest from Indian investors already active in the cryptocurrency market. Listing on the NYSE could provide increased transparency and regulatory oversight, potentially attracting more risk-averse investors. As the digital asset landscape continues to evolve in India, access to established platforms like Bullish could become increasingly relevant.