Intending to make its debut on the New York Stock Exchange under the ticker BLSH, cryptocurrency exchange Bullish has formally applied for a public listing in the US. Joining Coinbase, the move places Bullish as one of the few digital asset platforms to go through a traditional IPO process, and it represents a major step toward regulatory transparency and widespread adoption.
Instead of going public through a SPAC merger, which it had previously considered in 2021, Bullish detailed plans to go public through a conventional IPO in its filing with the U.S. Securities and Exchange Commission (SEC). A strong group of investors, including hedge fund tycoon Louis Bacon, Mike Novogratz’s Galaxy Digital, and Peter Thiel, supports the exchange. Block One, its parent company, also developed the EOS blockchain.
Bullish on Regulation and Growth
Bullish has continuously placed a strong emphasis on institutional-grade infrastructure and regulatory compliance, in contrast to many other offshore exchanges. The platform, which has its headquarters in the Cayman Islands but operates all over the world, combines on-chain settlement with centralized order books, combining speed and transparency to draw in both institutional and retail traders.
According to reports, the exchange has more than $2 billion in cash and digital assets, including a sizeable reserve of EOS and Bitcoin, which significantly strengthens its balance sheet before the IPO. Its decision to list in the United States shows that it is confident in its organizational design and prepared to adhere to more stringent regulations in the American capital markets.
Bullish’s IPO may be a sign of a new wave of IPOs from companies that deal in digital assets, as markets are displaying a renewed sense of optimism and investor interest in the crypto space is growing again. If successful, it would strengthen cryptocurrency’s expanding presence in traditional finance while also validating Bullish’s long-term outlook.
Also read: Solana ETF Makes a Splash with $222M Debut Trading Volume
