Peter Thiel-backed Bullish files for IPO after $349m Q1 loss

Bullish, a cryptocurrency exchange backed by billionaire Peter Thiel, has filed for an IPO with the US Securities and Exchange Commission.

The Cayman Islands-based company reported a net loss of US$349 million on digital asset sales of US$80 million in Q1 2025, down from a net income of US$105 million during the same period last year.

Bullish offers spot, margin, and derivatives trading, though margin and derivatives services are unavailable to US users.

The IPO will be led by JPMorgan Chase & Co., Jefferies Financial Group Inc., and Citigroup Inc.

Bullish plans to list on the NYSE under the ticker symbol BLSH.

The company previously intended to go public via a SPAC in 2021 but postponed the plan.

🔗 Source: Bloomberg

🧠 Food for thought

1️⃣ Crypto IPOs gaining momentum despite market volatility

Bullish’s IPO filing joins a wave of crypto companies entering public markets this year through various channels including traditional IPOs, SPACs, and reverse takeovers, indicating increasing mainstream acceptance.

This comes despite Bullish’s substantial quarterly loss of $349 million, highlighting how public markets remain accessible to crypto firms even amid challenging financial performance.

Circle’s successful public debut, with shares surging up to 750% above their IPO price following their $1.2 billion offering, likely encouraged other crypto firms to pursue similar paths.

Notably, this marks Bullish’s second attempt at going public after previously abandoning SPAC plans in 2021, demonstrating how market timing and conditions significantly influence crypto companies’ public market strategies.

The participation of traditional Wall Street banks JPMorgan, Jefferies, and Citigroup as lead underwriters signals growing institutional comfort with crypto-focused businesses.

2️⃣ Regulatory clarity creating new opportunities for crypto businesses

The article notes that crypto firms in the US have benefited from both administrative support and congressional action, culminating in the recent passage of legislation to regulate stablecoins.