币圈，再迎重磅IPO！

Core Viewpoint - The article discusses the significant IPO application by Bullish, a company involved in cryptocurrency trading and media, following the recent listing of a stablecoin company, highlighting the evolving landscape of the cryptocurrency industry and regulatory developments in the U.S. [2][14] Company Overview - Bullish was founded in 2021 by Block.one and notable Silicon Valley investor Peter Thiel. The company operates primarily through two segments: Bullish Exchange, a regulated cryptocurrency trading platform, and Coindesk, a media and data business acquired in 2023 [4][5]. - Bullish Exchange focuses on institutional trading of digital assets, generating revenue through trading fees and spreads. It is regulated in Germany, Hong Kong, and Gibraltar, with additional licenses sought in other jurisdictions, including the U.S. [4]. - Coindesk's operations include CoinDesk Data, CoinDesk Indices, and CoinDesk Insights, providing market data, indices, and news related to digital assets, generating revenue from subscriptions, licensing, and advertising [5]. Financial Performance - Bullish's projected digital asset revenues for 2022, 2023, and 2024 are $72.89 billion, $116.49 billion, and $250.2 billion, respectively, with net profits expected to shift from a loss of $4.25 billion in 2022 to a profit of $795.6 million in 2024 [9]. - As of Q1 2025, the company reported $802.3 billion in revenue with a loss of $349 million. The total trading volume on Bullish Exchange exceeded $1.25 trillion since its inception, ranking among the top five exchanges for Bitcoin and Ethereum trading [10]. Market Position and Competition - Bullish holds over 24,000 Bitcoins, positioning it among the top five publicly traded companies by Bitcoin holdings. The exchange's daily trading volume surpassed $2.5 billion, competing with major players like Binance, Coinbase, and Kraken [6][10]. - Coindesk serves 171,000 users with its data and research services and attracted 55 million unique visitors to its media site in 2024 [10]. Shareholder Structure - The company's five executives collectively own 73% of the shares, with the largest institutional shareholder, Pu Luo Chung VC, holding 12.8% [11].