Cryptocurrency exchange Bullish on Friday disclosed a quarterly loss compared to a year-ago profit in its paperwork for a U.S. initial public offering, amid rising investor interest in the sector.
Bullish joins crypto exchange Gemini and crypto-focused asset manager Grayscale — both of which have confidentially filed for potential U.S. listings.
Uncertainty surrounding President Donald Trump’s tariff policies had slowed down the IPO market, but sentiment has recently shifted. Stablecoin giant Circle Internet’s blockbuster debut highlights pent-up demand and renewed vigor in the capital markets.
Bullish, in its filing with the U.S. securities regulator, reported a net loss attributable of $348.6 million for the three months ended March 31, compared to a profit of $104.8 million last year.
The Peter Thiel-backed company had attempted to go public through a special purpose acquisition company in 2021 but that deal fell through in 2022 amid a regulatory crackdown and a sudden rise in interest rates.
Bullish is expected to list on the NYSE under the symbol “BLSH”. J.P Morgan, Jefferies and Citigroup are among the underwriters for the offering.