Just In: Peter Thiel-Backed Bullish Crypto Exchange Files for IPO with SEC

Crypto exchange Bullish, backed by Peter Thiel, has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). This filing is a significant step for the firm and the broader crypto industry, which has seen a surge in optimism following the recent signing of the GENIUS Act by President Donald Trump.

Bullish Crypto Exchange IPO Filing

In its  SEC Form F-1 IPO filing, Bullish reported impressive financial performance. The company generated $302 million in revenue and $150 million in net income in 2023. These figures make Bullish one of the few profitable crypto platforms actively seeking a public listing.

Bullish, aiming to list under the ticker symbol “BLSH” on the New York Stock Exchange (NYSE), is positioning itself among the growing list of crypto companies pursuing public market opportunities.

The exchange also reported an average daily volume of $2.5 billion in the first quarter of 2025, ranking among the top five exchanges for Bitcoin and Ether spot volume.

Since its launch, Bullish has amassed over $1.25 trillion in total trading volume as of March 31, 2025. The company also holds a strong financial position, with $874 million in cash and $2.4 billion in customer assets. Additionally, Bullish maintains a significant digital asset portfolio, including $963 million in Bitcoin and $1 billion in EOS.

Bullish Joins Other Crypto Firms Filing for IPOs

Bullish’s IPO filing places it alongside other prominent cryptocurrency firms seeking public listings. The company joins Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, and Grayscale.

Both firms have confidentially filed for potential U.S. IPOs. The growing number of crypto firms pursuing public listings reflects the increasing institutional interest in digital assets and the broader market’s maturation.

Other crypto-related companies that have already made moves in the public markets include Circle, which completed a successful IPO in June, seeing its shares rise significantly. eToro, an online trading platform that includes crypto services, debuted in May. Galaxy Digital, a crypto firm led by Mike Novogratz, also transitioned its listing to Nasdaq in May after previously being listed on the Toronto Stock Exchange.

Regulatory Clarity and Expanding Market Potential

The IPO submission follows a relatively accommodating regulatory regime of the cryptocurrency market. The subsequent signing of the GENIUS Act by President Donald Trump should offer more protections to consumers using stablecoins, which will address the volatility that cryptocurrencies have had to be repeatedly exposed to.

This new law has helped to increase investor confidence and this will provide a more solid ground upon which companies can flourish and expand such as Bullish.

Subsequently, to be able to take advantage of this enhanced regulatory environment, Bullish will be positioning itself to be a transparent infrastructure provider, and provide regulated services to institutional clients. This company is seeking to leverage the success by increasing its presence in the U.S. market where it has already achieved progress.