Key Points
- The Bullish IPO is a significant event for the crypto industry, backed by major investors including Peter Thiel and Nomura Securities (Nomura zhengquan 野村证券), and aiming for a New York Stock Exchange (NYSE) listing.
- Bullish operates as a “two-headed giant” with a top-tier crypto exchange boasting over ¥9 trillion RMB ($1.25 trillion USD) in total lifetime trading volume and the acquisition of crypto media giant CoinDesk, which attracts 55 million unique visitors annually.
- The company holds a substantial Bitcoin treasury of over 24,000 BTC, positioning it among the top five publicly traded companies by Bitcoin holdings once listed.
- Despite reporting a net loss of ¥2.5 billion RMB ($348 million USD) in Q1 2025 due to a significant impairment charge, the company’s financial health is expected to improve as Bitcoin’s price appreciates.
- Bullish is strategically expanding its global regulated footprint, having secured licenses in Europe (from Germany’s BaFin) and Asia (from Hong Kong’s financial regulators), signaling a compliance-first approach.
The Bullish IPO is officially on the table, marking another massive moment for the crypto industry as it continues its push into mainstream finance.
Just as the buzz from Circle’s public listing started to fade, Bullish, the dual-threat crypto exchange and media powerhouse, dropped its registration statement with the SEC.
They’re aiming for a spot on the prestigious New York Stock Exchange (NYSE).
This isn’t just another crypto company going public; this is a major move with some serious heavy-hitters behind it.
So, Who Exactly is Bullish?
Bullish isn’t some new kid on the block.
Founded back in 2021, the company was incubated by the blockchain firm Block.one (Block.one 区块链公司) and a roster of legendary investors.
We’re talking about direct strategic investments from:
- Peter Thiel (via Founders Fund and Thiel Capital)
- Alan Howard
- Nomura Securities (Nomura zhengquan 野村证券)
Interestingly, this isn’t their first rodeo.
Just two months after launching, Bullish tried to go public via a “backdoor listing.”
But the market had other plans. Fears of Fed rate hikes and a shaky crypto market put that attempt on ice.
Fast forward a few years, and Bullish is back with a much stronger story to tell.
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A Two-Headed Giant: The Bullish Business Model
Bullish’s strategy is compelling because it’s not just a one-trick pony.
Their business is split into two core, high-impact segments, plus a massive crypto war chest.
The Exchange: A Trading Volume Juggernaut
The Bullish exchange is a serious player in the crypto trading space.
Let’s look at the numbers from their prospectus:
- Total lifetime volume: Over ¥9 trillion RMB ($1.25 trillion USD) since launch. That’s “trillion” with a “T.”
- 2024 Spot Trading Volume:
- Bitcoin (BTC/USDx): Roughly ¥2.05 trillion RMB ($284.8 billion USD).
- Ethereum (ETH/USDx): Roughly ¥1.04 trillion RMB ($144.5 billion USD).
- Q1 2025 Performance: Average daily trading volume topped ¥18 billion RMB ($2.5 billion USD), placing it in the top five globally for BTC and ETH spot trading.
They’re squaring up directly with giants like Binance, Coinbase, and Kraken.
The Media Arm: CoinDesk’s Massive Reach
In 2023, Bullish made a power move by acquiring CoinDesk, one of the most recognized names in crypto media and data.
This gives them a massive distribution and data advantage.
- Professional Users: CoinDesk’s real-time data and research serve 171,000 users worldwide.
- Web Traffic: The media site attracted a staggering 55 million unique visitors in 2024 alone.
CoinDesk Key Metrics (2024)
- Professional Users: 171,000+ (for real-time data and research)
- Unique Web Visitors: 55 million (annual)
The Bitcoin Treasury: A Top 5 Public Holder
On top of everything else, Bullish is sitting on a mountain of digital gold.
The company holds over 24,000 Bitcoin (BTC).
Once public, this would instantly rank them among the top five publicly traded companies in the world by Bitcoin holdings.
Breaking Down The Financials
Now for the numbers that investors will be scrutinizing.
In the first quarter of 2025, Bullish reported digital asset sales of ¥578 billion RMB ($80.2 billion USD), which is on par with the same period last year.
However, the bottom line showed a net loss of ¥2.5 billion RMB ($348 million USD).
This is a sharp contrast to the ¥748 million RMB ($104 million USD) net profit from Q1 2024.
So what gives?
The key detail here is a ¥1.77 billion RMB ($246 million USD) impairment on their digital asset holdings.
In simple terms, this is a non-cash accounting charge.
As Bitcoin’s price recovers and climbs, the value of these assets will appreciate, which will have a positive impact on future financial reports.
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Your First Job PostPerfect Timing? Why This IPO Matters Now
Bullish’s move to file for an IPO right now is no accident. It’s a calculated play on the growing crypto-friendly sentiment in the U.S.
Just look at Circle’s IPO.
They filed their S-1 in April, right as the U.S. Senate was greenlighting a major stablecoin bill.
Since listing on June 5th, Circle’s stock went from an IPO price of $31 to a high of $298. It’s currently trading at $223, giving it a market cap of $49.8 billion on a stablecoin circulation of just $64.7 billion.
That’s a massive vote of confidence from the market.
For Bullish, the “tailwind” is the upcoming debate around a comprehensive crypto regulatory framework bill.
The House has already passed the CLARITY Act, and the Senate is expected to vote on its own version as early as September.
A clear regulatory framework in the US would be a game-changer for companies like Bullish.
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Building a Global, Regulated Footprint
Bullish isn’t just waiting on the U.S. They’re actively securing licenses across the globe.
- Europe: In January, they snagged a crypto asset trading and custody license from Germany’s top financial regulator, BaFin. This unlocks access to the entire European Economic Area.
- Asia: In February, they were granted a Virtual Asset Trading Platform Operator (VATP) license by Hong Kong’s financial regulators. They’re targeting institutional clients, including Hong Kong brokerages upgrading their licenses.
This global, compliance-first approach is exactly what institutional investors want to see.
The Bullish IPO is more than just a public listing; it’s a barometer for the crypto industry’s maturation and a sign that the worlds of digital assets and traditional finance are converging faster than ever.
References
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