FRANKFURT, Germany, Sept. 5, 2025 /PRNewswire/ -- Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, today announced that its German subsidiary, Bullish Europe GmbH, has secured a license under the Markets in Crypto-Assets Regulation (MiCAR) from the German Federal Financial Supervisory Authority (BaFin). MiCAR is a pan-European Union regime, under which Bullish Europe was previously grandfathered through its crypto bro ...

Core Viewpoint - Bullish, a global digital asset platform, will release its Q2 2025 financial results on September 17, 2025, and will host an earnings conference call at 5:30 p.m. Eastern Time on the same day [1]. Group 1: Financial Results and Metrics - The earnings conference call will be accessible via a live webcast on the Bullish Investor Relations website, with a replay and transcript available afterward [2]. - Bullish plans to report select monthly metrics to provide investors with more frequent updates on trading volume, average trading spread, and volatility measures for Bitcoin and Ethereum [3]. - The first monthly metrics package will be released today, with future metrics expected to be published at the end of each month [4]. Group 2: Company Overview - Bullish operates as an institutionally focused global digital asset platform, offering market infrastructure and information services, including a regulated digital assets exchange and various data and analytics services [5]. - The Bullish Exchange integrates a high-performance central limit order book matching engine with automated market making to ensure deep and predictable liquidity, and is regulated in multiple jurisdictions including the U.S., Germany, Hong Kong, and Gibraltar [5]. - CoinDesk Indices and CoinDesk Data provide benchmarks and market analytics for digital assets, while CoinDesk Insights covers news and insights related to digital assets and blockchain technology [5]. Group 3: Investor Communication - The company utilizes its Investor Relations website and social media accounts to disseminate material information relevant to investors, encouraging regular review of updates alongside SEC filings and press releases [6].

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Shares of cryptocurrency exchange Bullish reportedly ended the day of their initial public offering (IPO) 83% higher than the company's target price. By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions . Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required. Bullish shares ...

Group 1 - Bullish plans to raise approximately $990 million through its IPO, becoming the second cryptocurrency exchange to list on the New York Stock Exchange after Coinbase [1][3] - The strong backing from top investors like Peter Thiel, Alan Howard, and SoftBank, along with the acquisition of CoinDesk, positions Bullish favorably in the market [2][3][23] - The IPO demand for Bullish has increased significantly, prompting the company to raise its fundraising target from $629 million to $990 million [3] Group 2 - Bullish has a complex history with EOS, having received initial funding from Block.one, which raised $4.2 billion through an ICO in 2018 [10][18] - The relationship between Bullish and EOS is marked by a sense of betrayal, as Block.one shifted focus to Bullish while leaving EOS behind [15][17] - Despite the initial promise of EOS, the project faced significant challenges, leading to a decline in community support and resources [11][12][14] Group 3 - Bullish's financial performance shows a reliance on trading revenue, with spot trading income accounting for 70% to 80% of total revenue [26] - In Q1 2025, Bullish reported a net loss of $349 million, primarily due to the decline in the fair value of its cryptocurrency holdings [27] - Comparatively, Bullish's revenue and profitability lag behind competitors like Coinbase and Kraken, with Coinbase's revenue consistently exceeding Bullish's by over 20 times since 2022 [31] Group 4 - Bullish's trading volume reached $79.9 billion in Q1 2025, slightly surpassing Coinbase, but its revenue remains lower due to a strategy of reducing trading spreads [33][35] - The company aims to expand its product offerings, particularly in derivatives, to meet the needs of institutional clients and drive growth [39] - Bullish's valuation of $4.8 billion appears conservative given its substantial asset base, including 24,000 bitcoins valued at approximately $2.8 billion [43][44] Group 5 - The IPO strategy includes a low float of shares, with less than 15% available for trading, which may create a scarcity effect and potential volatility post-lockup [47][48] - Bullish's previous attempt to go public in 2021 was thwarted by regulatory uncertainties and market volatility, but the current market conditions appear more favorable [50][51] - The combination of a lower valuation, tight share circulation, and favorable market timing may enhance the potential for significant value appreciation for Bullish [52]

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].