The encryption trading platform Bullish restarts its IPO plan, competing for the US Capital Market

Recently, a well-known encryption institution has once again turned its attention to the American Capital Market. After an unsuccessful attempt to go public several years ago, a well-known blockchain company's encryption platform Bullish has restarted its IPO plan. With the U.S. regulatory environment gradually becoming clearer and institutional capital accelerating its influx, Bullish, backed by its substantial early Bitcoin reserves and strong traditional capital support, is making another push towards the capital market. However, the company still faces challenges such as revenue pressure and high customer concentration.

Compliance Layout and Capital Support, Restart Listing Plan After Three Years

On July 18, Bullish submitted its IPO documents to the U.S. Securities and Exchange Commission ( SEC ), planning to list on the New York Stock Exchange under the ticker symbol "BLSH". The specific number of shares to be issued and the price range have not yet been determined. This IPO is underwritten by several top investment banks, including JPMorgan Chase, Jefferies Financial Group, and Citigroup. The SEC grants underwriters the option to purchase additional shares within 30 days.

Bullish CEO stated: "We chose this time to go public because we believe the digital asset industry is at the starting point of a new round of growth. Transparency and compliance are our core values, which are highly aligned with the public Capital Market. Becoming a listed company will bring us key advantages: enhancing credibility, broadening financing channels, and obtaining equity currency for strategic acquisitions." He pointed out that the digital asset industry is at a turning point for institutional investors to accelerate their entry, and Bullish has sufficient resources and compliance models to embrace this wave of institutionalization.

In fact, this is not Bullish's first attempt to go public. In 2021, just two months after its establishment, Bullish announced plans to go public through a SPAC, with a valuation of up to $9 billion. At that time, it also raised about $900 million through PIPE financing, with investors including funds from former PayPal CEO Peter Thiel and heavyweight traditional and encryption capital like Nomura Holdings. However, due to the dramatic changes in the global financial environment in the second half of 2022, Bullish ultimately terminated its SPAC plan.

The restart of the IPO reflects Bullish's keen response to changes in the market environment and strategic adjustments. On one hand, the regulatory landscape in the U.S. is gradually becoming clearer, with multiple encryption institutions vying to advance their listing processes; on the other hand, traditional financial institutions are entering the digital asset space on a large scale, accelerating the industry's trend toward compliance and institutionalization. Bullish has completed compliance arrangements in multiple locations around the world, including obtaining a virtual asset trading platform license issued by the Hong Kong Securities and Futures Commission earlier this year.

In addition, Bullish has received heavyweight support from traditional capital. Peter Thiel is not only one of the most influential investors in Silicon Valley, but the fund he founded is also one of Bullish's earliest and most steadfast investors. CEO Tom Farley has extensive experience in the Capital Market, having served as president of the New York Stock Exchange Group, and is familiar with the complete process of connecting with the public market.

Huge losses cannot conceal strong reserves, management holds over 60% of shares

Bullish's main business includes the exchange Bullish and the encryption media CoinDesk. CoinDesk was acquired by Bullish in November 2023, indirectly gaining over 6 million users and launching multiple data and analysis products.

According to the IPO documents, as of March 31, 2025, Bullish Exchange's cumulative trading volume has exceeded $1.25 trillion, with spot trading being a key business. The average daily trading volume in 2024 reached $1.498 billion. In the first quarter of this year, the spot trading volumes of BTC and ETH reached $108.6 billion and $52.3 billion, respectively, showing significant growth compared to the same period last year.

However, Bullish's core business faces customer concentration risk, heavily relying on major clients. The top five clients account for 69% of spot trading volume and 83% of trading revenue.

From the profit data, Bullish's financial performance has fluctuated significantly in recent years. In 2022, the net loss reached as high as $4.246 billion, while in 2024, it achieved a net profit of $79.56 million. However, this year's Q1 saw a net loss of $348 million, which contrasts sharply with the same period last year.

Despite the pressure on performance, Bullish still maintains ample liquidity. As of March 31, 2025, its liquid assets are valued at over $1.962 billion, including $1.735 billion in Bitcoin and $144 million in stablecoins. The Bitcoin holdings decreased from about 66,720 at the end of 2022 to approximately 20,960 as of March 31, 2025, primarily used for intangible assets, lending, etc. Total liabilities are approximately $700 million.

In terms of equity structure, Bullish's control is highly concentrated in the hands of the management. Several executives together hold more than 60% of the Class A common stock and the vast majority of the equity. Important external institutional shareholders include some well-known investment institutions.

Overall, with the opening of regulatory windows and the recovery of the Capital Market, Bullish is trying to seize the opportunity to enter the mainstream market. However, whether it can establish a foothold in the Capital Market still faces significant challenges in the future.