Bullish Files for NYSE Listing Amid Strong 2024 Earnings

Crypto exchange Bullish has officially filed for a public listing in the U.S., according to a newly submitted F-1 registration with the Securities and Exchange Commission. The company intends to go public on the New York Stock Exchange under the ticker symbol “BLSH,” marking a significant step toward mainstream institutional adoption of digital asset platforms.

Bullish, headquartered in the Cayman Islands, operates a crypto trading platform tailored for institutional clients. It offers spot and derivatives trading as well as liquidity services, positioning itself as a key player in the expanding digital finance ecosystem. The exchange is owned by Bullish Global, which also owns prominent crypto media outlet CoinDesk.

In 2024, Bullish reported a net income of $80 million and revealed it holds over $1.9 billion in liquid assets, including cash, bitcoin, stablecoins, and other digital assets. This strong financial position underscores the platform’s growing influence in the crypto trading space. However, its performance in early 2025 showed volatility, with a reported net loss of $349 million for the quarter ending March 31. This contrasts sharply with the $104.8 million net profit it posted during the same period in 2024.

The decision to pursue a U.S. listing reflects broader confidence in the country’s evolving crypto regulatory landscape. With increasing political support and institutional interest, the U.S. is emerging as a favorable environment for crypto businesses aiming to scale globally. Bullish’s move to list on the NYSE may also signal renewed investor confidence in regulated digital asset exchanges as crypto markets mature.

As regulatory clarity improves, Bullish’s public listing could serve as a bellwether for other exchanges considering a similar path. The company’s upcoming IPO will be closely watched by investors and the broader crypto industry.