Crypto Exchange Bullish Files to Go Public in the U.S.

Bullish’s confidential filing with the U.S. Securities and Exchange Commission (SEC) allows it to keep early financial details private while preparing its public pitch. The IPO comes at a time of heightened optimism across the digital asset sector, driven by rising token prices and regulatory momentum in the United States.

The exchange’s filing is being led by major investment banks J.P. Morgan, Jefferies, and Citigroup, signaling strong institutional support despite persistent market risks. Bullish had previously pursued a public debut through a special purpose acquisition company, or SPAC, in partnership with Far Peak Acquisition Corp., but that deal was called off due to unfavorable market conditions and macroeconomic uncertainty. With conditions improving and a more crypto-friendly political climate under President Trump, the company is seizing what many see as a window of opportunity.

Financial disclosures in the filing show that Bullish suffered a net loss of $348.6 million in the first quarter of 2025, a significant reversal from the $104.8 million profit it posted during the same period last year. The steep loss underscores the volatility of the crypto sector and the operational challenges exchanges face, even those with well-capitalized backers and strong leadership. Despite this, Bullish maintains a solid financial base, reporting more than $1.9 billion in liquid assets, including cash, Bitcoin, stablecoins, and other digital tokens.

The exchange is helmed by CEO Tom Farley, a former president of the New York Stock Exchange, who brings a traditional finance pedigree that could help bridge the gap between Wall Street and the decentralized finance world. The company, which launched in 2021, operates a regulated trading platform and aims to differentiate itself with a focus on compliance, transparency, and institutional-grade infrastructure.

Bullish’s IPO is part of a broader wave of crypto-native companies eyeing public listings. Stablecoin issuer Circle went public in June 2025, raising $1.1 billion in a blockbuster IPO that saw its shares soar by more than 160% on debut. Gemini, the exchange founded by Cameron and Tyler Winklevoss, has also reportedly filed confidentially for an IPO, while firms like Grayscale are said to be exploring similar moves. These developments suggest renewed investor appetite for crypto equities, especially as regulatory clarity improves in Washington.

Market observers point to recent U.S. legislative breakthroughs as a key catalyst. In recent weeks, Congress passed a trio of crypto bills, including the GENIUS Act on stablecoins and measures defining SEC and CFTC oversight, that are widely viewed as creating a clearer regulatory environment for digital assets. The Trump administration has expressed strong support for the industry, with President Trump publicly endorsing the view that America should become the global leader in crypto innovation.

Against this backdrop, Bitcoin has surged, fueling optimism across the market and contributing to the sense that digital assets are entering a new phase of mainstream legitimacy. Bullish is seeking to ride this wave by positioning itself as a credible, regulated exchange that can attract institutional clients and retail investors alike.

As Bullish proceeds with the confidential filing process, more detailed financials and pricing terms are expected to be disclosed in the coming months. The inclusion of a typical over-allotment option for underwriters suggests that the company is seeking flexibility in case of market volatility during the offering window. While its recent losses raise red flags for some analysts, the firm’s deep reserves, experienced leadership, and prominent investors, including Peter Thiel’s Founders Fund and Galaxy Digital, provide a buffer and signal long-term confidence in its model.

If successful, Bullish would become one of the first major crypto-native exchanges to list directly on the New York Stock Exchange. That would represent both a symbolic and strategic milestone, opening up the company to a broader investor base and potentially setting the tone for future listings in the digital asset space. A public listing could also give retail and institutional investors exposure to the infrastructure behind crypto markets, not just the tokens themselves.

Still, the path ahead is uncertain. Investors will be closely watching Bullish’s ability to improve profitability, grow user adoption, and navigate evolving regulatory expectations. The exchange must demonstrate that it can deliver sustainable growth in a sector known for sharp cycles and technological disruption.

Bullish’s decision to go public reflects a broader convergence between Wall Street and crypto. No longer relegated to the fringes of finance, crypto exchanges are increasingly seeking legitimacy through traditional capital markets.