Block.one’s crypto exchange Bullish has revived its IPO plans after a failed attempt years ago. Armed with substantial early Bitcoin reserves and heavyweight traditional capital backing, the platform is making another push into public markets—despite challenges like revenue pressure and high client concentration.

On July 18, Bullish filed for an IPO with the U.S. SEC, aiming to list on the NYSE under the ticker "BLSH." Top-tier banks, including JPMorgan, Citigroup, and Deutsche Bank, are leading the underwriting.

CEO Tom Farley (ex-NYSE president) emphasized the timing: "We believe digital assets are at an inflection point, with institutional adoption accelerating. Transparency and compliance align us with public markets, offering credibility, capital access, and strategic flexibility."

This isn’t Bullish’s first IPO attempt. In 2021, it pursued a $9B SPAC merger (via Far Peak Acquisition) with backing from Peter Thiel’s Founders Fund, Nomura, and Galaxy Digital. The plan collapsed during the 2022 crypto winter, but Bullish now rides renewed optimism post-Circle’s successful IPO and Bitcoin ETF inflows.

Key advantages:

• Global compliance: Licenses in Hong Kong (SFC), Singapore, and Gibraltar.

• Elite backers: Thiel’s Founders Fund and Thiel Capital remain anchor investors.

• Leadership: Farley’s capital markets expertise and Block.one’s deep reserves (16.4K BTC initially).

Despite operational headwinds, Bullish’s balance sheet shines:

• Assets: $1.96B in liquid holdings, including 20,960 BTC ($1.735B), stablecoins, and ETH.

• Trading volume: $1.25T cumulative (2024 spot avg.: $1.5B/day), ranking among top 10 crypto exchanges.

• Losses: $3.48B net loss in Q1 2025 vs. $105M profit a year earlier, driven by market swings.

Risks:

• Client concentration: Top 5 users account for 69% of spot volume and 83% of trading revenue.

• BTC drawdown: Holdings dropped by 2/3 since 2022 (66,720 to 20,960 BTC), diverted to lending and investments.

Bullish’s control is tightly held:

• Block.one CEO Brendan Blumer: 36.3% of Class A shares (35.5% voting power).

• Other execs: Collectively own >60% of Class A shares.

• External stakeholders: Galaxy Digital (1.1%), Pu Luo Chung VC (12.6% post-IPO).

Bullish’s IPO hinges on capitalizing on crypto’s institutional wave, but sustainability questions linger. Can it balance regulatory compliance, client diversification, and profit stability? With Thiel’s backing and Farley’s market savvy, the stage is set—but Wall Street’s appetite for crypto volatility remains untested.

—Author: Nancy, PANews

(All figures as of 2025/03/31 unless noted.)

Key Takeaways:
IPO Relaunch: Targeting NYSE amid regulatory clarity and institutional demand.
💰 Bitbonus: 20K BTC reserves ($1.7B+) anchor balance sheet.
⚠️ Caution: High client reliance and recent losses underscore risks.
🔗 Backing: Peter Thiel and Wall Street giants provide credibility.