Bullish冲刺纽交所：交易所+媒体双引擎，加密新规后的首个重磅IPO

Core Viewpoint - The signing of the "Stablecoin Innovation Act" by President Trump marks a significant milestone for the cryptocurrency industry, coinciding with Bullish's IPO application to the SEC, making it the first crypto company to pursue a U.S. stock market listing under the new legislation [1]. Group 1: Company Overview - Bullish is a digital asset exchange founded by Block.one in 2021, backed by prominent investors including Peter Thiel's Founders Fund and Nomura Securities [8]. - The company holds 24,000 Bitcoins, ranking it among the top five publicly listed companies globally in terms of Bitcoin reserves [8]. - Bullish has obtained licenses in over 50 jurisdictions, meeting compliance requirements in key markets such as the U.S., EU, and Asia-Pacific [8]. Group 2: Business Structure and Performance - Bullish operates as a dual-driven platform combining a cryptocurrency exchange and media network, with CoinDesk as its core media asset, which provides real-time market data and industry analysis [2]. - In 2024, the exchange is projected to achieve a trading volume of $284.8 billion for Bitcoin and $144.5 billion for Ethereum, with a daily average trading volume of $2.5 billion in Q1 2025 [2]. - The exchange's total trading volume exceeded $1.25 trillion, placing it among the top five exchanges for Bitcoin and Ethereum spot trading globally [2]. Group 3: Financial Performance - Bullish reported a net profit of $80 million in 2024, but experienced a net loss of $349 million in Q1 2025 due to a decline in Bitcoin prices leading to asset impairment [10]. - As of March 31, 2025, the company had $1.962 billion in current assets, with digital assets dominating the portfolio, while cash reserves were only $28 million [10]. - The company recorded digital asset sales of $80.2 million in Q1 2025, with a significant cost of derecognized digital assets amounting to $80.2 million [11].