Blockbuster IPO in the crypto world lands on NYSE: Bullish rushes for $4.8 billion! Will it recreate the Circle myth?

Digital asset trading platform Bullish, backed by Silicon Valley venture capital guru Peter Thiel, will officially list on the New York Stock Exchange on August 13. $Bullish(BLSH.US) has significantly increased its IPO size from the initial $629 million to $990 million, a 57% increase, making it the most high-profile crypto company listing so far in 2025.

1. What is the company?

Bullish was founded in 2021, focusing on institutional clients and building a dual-driven model:

• Trading infrastructure: Its Bullish Exchange is licensed in Germany, Hong Kong, and Gibraltar, offering spot and derivatives trading for Bitcoin and Ethereum. In Q1 2025, the average daily trading volume exceeded $2.5 billion, with a total historical trading volume surpassing $1.25 trillion, ranking among the top five in mainstream cryptocurrency trading markets.
• Information service system: In 2023, it acquired top crypto media outlet CoinDesk for $72.6 million and integrated data service provider CCData in 2024, forming a closed-loop ecosystem of "trading + media + data" to meet the needs of institutional and retail investors.

According to the latest financial report, the company holds $1.735 billion in Bitcoin, $144 million in stablecoins, and $55 million in Ethereum, with total liquid reserves exceeding $3 billion.

2. How does it make money?

Unlike traditional exchanges, Bullish has built a tiered revenue model, breaking through the limitations of single transaction fees:

• Core trading fees: It offers zero-commission spot trading, profiting from spreads and liquidity pool returns. In 2024, Bitcoin and Ethereum trading volumes reached $284.8 billion and $144.5 billion, respectively, with market shares of 35% and 44%. Recently, it added futures contracts to expand the derivatives market.
• Value-added information services: CoinDesk provides paid news and index licensing, while CCData offers on-chain analysis tools, together forming a stable B2B revenue stream.
• Ecosystem synergy products: It launched a crypto rewards credit card, profiting from merchant exchange fees (interchange fees) and interest sharing, while also boosting user activity on the trading platform.

3. Why is the market watching?

• Critical timing: The Trump administration signed the GENIUS Act in July, establishing a federal regulatory framework for stablecoins, eliminating policy uncertainty. Bullish also announced that it would convert part of its IPO proceeds into stablecoins, becoming the first listed company to directly on-chain its fundraising.
• Attractive valuation: Bullish's target enterprise value is $4.8 billion, about 14.5 times the underwriting banks' forecasted 2026 EBITDA. According to the London Stock Exchange, the larger Coinbase has a market cap of 21.3 times its 2026 EBITDA. Peer Circle's stock surged 140% after its IPO, validating the market's appetite for compliant crypto assets.
• Capital backing: Supported by top institutions like Peter Thiel, Founders Fund, and Nomura Securities.

Despite the optimistic outlook, risks remain. Although Q1 2025 trading volume reached $108.6 billion, it recorded a net loss of $348 million, and the profitability model has yet to be fully validated. Competitors like Coinbase and Kraken are accelerating product iterations, and BlackRock is also entering crypto custody, squeezing the market space.

Bullish's IPO is more than just a regular listing—it symbolizes the formal integration of crypto infrastructure into Wall Street's capital allocation system. If successful, it will directly boost expectations for subsequent IPOs like Kraken and OKX, while providing investors with a rare "pure crypto platform stock."