Wall Street’s appetite for cryptocurrency is evident as Bullish, a prominent digital asset exchange, filed paperwork for its debut initial public offering (IPO) in the United States.

Filings submitted Friday to the U.S. Securities and Exchange Commission (SEC) revealed plan for Bullish Global, parent company of the exchange, to list its ordinary shares on the New York Stock Exchange (NYSE) under the ticker symbol “BLSH.”

Despite a reported net income of about $80 million during fiscal year 2024, the firm opted to go public months after reporting a significant net loss of $349 million in the first quarter of 2025, compared to $104.8 million net profit in the same period a year earlier.

Bullish, a Cayman Islands-based company, deposited proceeds of $1.9 billion across assets including liquid cash, Bitcoin, stablecoins and other digital assets.

Bullish Operates Through Global Subsidiaries

The cryptocurrency exchange maintains a complex multinational structure, operating through subsidiaries across six jurisdictions: Hong Kong, the Cayman Islands, Singapore, the United Kingdom, Germany, and Gibraltar.

Its Hong Kong entity – Bullish HK Markets Limited – is crucial for providing core operational and regulatory services, securing licenses necessary for digital asset trading in the Asia-Pacific region.

This filing is the second time Bullish has sought to go public globally. Its attempt via a special purpose acquisition company (SPAC) four years ago, facilitated during the crypto boom of 2021, ended when markets became bearish due to rising interest rates.

Broader Crypto Market Trends and Precedents

Notwithstanding the recent setbacks, crypto IPO activity remains active. Earlier this month, Circle, the issuer of the leading USDC stablecoin, successfully raised $1.1 billion in what was a widely viewed record-setting debut, delivering a 167% first-day pop and exceeding market expectations.

Another notable entrant is Gemini, founded by the Winklevoss brothers, who filed confidentially for a New York Stock Exchange listing just last month.

Simultaneously, reports indicate that alternative crypto exchange OKX, after relaunching operations within the U.S., is exploring public listing options.

New Crypto Legislation Provides Regulatory Clarity

Adding momentum to the crypto asset public markets discussion on Friday, President Donald Trump signed the Generic Regulatory Framework for Digital Assets and Stablecoins (GENIUS) Act into law.

This marks the first significant piece of U.S. federal legislation to provide a comprehensive regulatory framework for cryptocurrency, especially the substantial segment dominated by stablecoins appraised at over $250 billion.

According to law enforcement and legal sources familiar with the matter, the bill passed by the House featured an unprecedented split vote between Republicans (206) and Democrats (102). The legislation cleared a procedural hurdle imposed by a conservative faction of Republicans, following negotiation.

As evidenced by the attendee list – featuring members of Congress and executives from Robinhood, Tether and Gemini – the successful passage of the bill represents a notable shift towards legitimacy and oversight in the digital asset sector.