Core Viewpoint - Bullish, a company involved in cryptocurrency exchange and media, has filed for an IPO with the SEC, marking a significant event in the cryptocurrency industry following the listing of the first stablecoin company, Circle Internet [1][11]. Company Overview - Bullish was established in 2021, incubated by blockchain company Block.one and notable Silicon Valley investor Peter Thiel. The company operates primarily through two segments: Bullish Exchange, a regulated digital asset exchange, and Coindesk, a data and media business acquired in 2023 [3][4]. - 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. [3]. - Coindesk's operations include CoinDesk Data, CoinDesk Indices, and CoinDesk Insights, providing market data, indices, and media coverage on digital assets. The company earns revenue through subscriptions, licensing fees, and advertising [4]. 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 $1.3 billion in 2023 and $795.6 million in 2024 [7]. - As of Q1 2025, the company reported $802.3 million in revenue and a loss of $349 million. Its total trading volume since inception exceeds $1.25 trillion, with significant trading volumes in Bitcoin and Ethereum projected for 2024 [7]. Market Position and Competition - Bullish Exchange ranks among the top five platforms for Bitcoin and Ethereum trading, with a daily trading volume exceeding $2.5 billion in Q1 2025. Major competitors include Binance, Coinbase, and Kraken [7]. - Coindesk serves 171,000 users with real-time data and research, while its media site attracted 55 million unique visitors in 2024 [8]. Shareholder Structure - The company's executives collectively hold 73% of the shares, with the largest institutional shareholder, Pu Luo Chung VC, owning 12.8% [8].