Bullish, a cryptocurrency exchange backed by billionaire investor Peter Thiel, has officially filed for an initial public offering, joining a growing number of digital asset firms heading to public markets.
According to its Friday filing with the U.S. Securities and Exchange Commission, the Cayman Islands-based company reported a net loss of approximately $349 million in the first quarter, despite digital-asset sales of $80 million. This marks a significant shift from the same period last year, when it posted a net income of $105 million on similar sales volume.
Bullish’s filing adds to the recent wave of crypto companies seeking public listings in 2025, whether through traditional IPOs, SPAC mergers, or reverse takeovers. One standout was stablecoin issuer Circle Internet Group Inc., whose shares jumped as much as 750% above their IPO price in the month following its $1.2 billion offering.
Supportive moves from the Trump administration and recent legislative action by Congress—culminating in the passage and signing of the Genius Act to regulate stablecoins—have further fueled momentum for crypto firms in the U.S.
Led by CEO Tom Farley, Bullish offers crypto spot, margin, and derivatives trading, although the latter two are not available in the U.S. or to U.S. users. In a letter included in the filing, Farley wrote, “We intend to IPO because we believe that the digital assets industry is beginning its next leg of growth.” He added, “We view transparency and compliance as hallmarks of how we operate Bullish, and believe those values align well with the public capital markets.”
In 2023, Bullish acquired the crypto-focused media outlet CoinDesk from Digital Currency Group for an undisclosed sum.
Major investors include Block.one CEO Brendan Blumer, Pu Luo Chung VC Private Ltd., Alexander See, and their affiliates, as disclosed in the filing.
Bullish had previously announced plans in 2021 to go public via a special purpose acquisition vehicle, but that initiative was shelved.
The IPO will be underwritten by JPMorgan Chase & Co., Jefferies Financial Group Inc., and Citigroup Inc. Bullish plans to list its shares on the New York Stock Exchange under the ticker symbol BLSH.
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