In May 2018, investor Li Xiaolai stated, “Let’s judge EOS in seven years.” Seven years have passed, and EOS’s price has dropped more than 40-fold from its peak. Coincidentally, Bullish—the company behind EOS—is set to go public on the New York Stock Exchange (NYSE) on August 13, 2025 (exactly seven years later), trading under the ticker “BLSH.” The stock is slated to open at 21:30 Beijing time (09:30 EDT) on August 13. Through its primary businesses—Bullish, an institutional-grade digital asset platform, and the CoinDesk media outlet—Block.one has become a significant participant in the global crypto landscape. Amid the current wave of crypto company IPOs, Foresight News provides a data-driven deep dive into Bullish’s business.

Target Valuation: $4.8 Billion

Bullish recently raised its IPO price range to $32–$33 per share and expanded the offering to 30 million shares, representing an increase compared to the previous plan of selling 20.3 million shares at $28–$31 each. The target is up to $990 million in capital and a valuation near $4.8 billion. The adjustment reflects robust investor demand for crypto infrastructure, especially as Bitcoin holds above $110,000 and institutional adoption accelerates.

BlackRock and ARK, led by Cathie Wood, plan to acquire $200 million worth of shares. Bullish plans to price the offering on Tuesday and begin trading on Wednesday.

Founded in June 2021 and headquartered in the Cayman Islands, Bullish maintains subsidiaries in Hong Kong, the United States, Singapore, and other regions. Its operations are divided into two main segments: Bullish Exchange, providing spot, margin, and derivatives trading under German, Hong Kong, and Gibraltar regulation; and CoinDesk, specializing in index, data, and insights.

As of March 31, 2025, Bullish Exchange supports over 70 spot pairs and 45 perpetual futures, serving eligible clients across more than 50 jurisdictions. Since launch, cumulative trading volume has surpassed $1.25 trillion. In 2024, the platform’s global spot market share for Bitcoin (BTC/USDx) and Ethereum (ETH/USDx) reached $284.8 billion and $144.5 billion, highlighting its strength in the institutional space.

User growth remains a key driver for Bullish. In 2024, active institutional clients grew 36% year-over-year, while CoinDesk drew over 55 million unique visitors and averaged 10.7 million monthly users. CoinDesk’s index products surpassed $41 billion in AUM, with associated trading volumes of $15 billion (as of June 30, 2025). Bullish is building a comprehensive ecosystem that combines trading infrastructure with media and data services.

Bullish’s financials underscore its growth trajectory. SEC F-1 filings show net income of $80 million for 2024, with adjusted EBITDA of $52 million. However, Q1 2025 saw a net loss of $349 million, largely due to digital asset price volatility and operating expenses; adjusted net income remained positive at $2 million—demonstrating stable core business profitability.

Early estimates for Q2 put revenue between $60 million and $62 million, with adjusted EBITDA of $10–14 million and net income ranging from a $2 million loss to a $6 million gain. Revenue streams include trading fees, spreads, licensing, and advertising—with adjusted trading income for Q2 2025 expected at $56–58 million.

Holding $3 Billion in Crypto Assets

In May 2021, Block.one launched Bullish Global with a $1 billion capital injection, including $100 million in cash, 164,000 Bitcoin (then valued at roughly $9.7 billion), and 20 million EOS tokens. Outside investors contributed an additional $300 million, including from PayPal co-founder Peter Thiel, hedge fund legend Alan Howard, and prominent crypto investor Mike Novogratz.

CEO Tom Farley, former NYSE president, brings deep expertise in traditional finance and institutional platform development. CFO David Bonanno, previously of Far Peak Acquisition Corp., plays a core role in capital allocation, business strategy, and partnerships. COO Sarah Johnson, formerly with Hong Kong’s Securities and Futures Commission, specializes in compliance and risk management, enabling Bullish to secure regulatory licenses in multiple markets.

Bullish’s prospectus (Form F-1) shows more than 50% of IPO proceeds will be converted into USD stablecoins to enhance liquidity and hedge market volatility.

In Q1 2025, Bullish Exchange handled $108.6 billion in Bitcoin trades, a 36% rise from $80.082 billion a year earlier. Daily Bitcoin trading reached $1.207 billion, up 37% from $880 million the previous year.

According to filings, Bullish’s digital asset trading volume was $72.89 billion in 2022, $116.49 billion in 2023, and $250.2 billion in 2024; net profit was -$4.246 billion, $1.3 billion, and $79.56 million, respectively.

As of August 2025, company filings reveal that Bullish holds over $3 billion in liquid assets: 24,000 Bitcoin; 12,600 ETH; and $418 million in cash and stablecoins. At Q2’s end, current assets are projected at $2.05–2.15 billion, with net liquid assets of $1.499–1.599 billion.

Bullish’s parent company, Block.one, raised about $4.18 billion in the 2017–2018 EOS ICO—one of the largest in crypto history—to develop the EOS platform.

The EOS tokens have long since been distributed to investors, while consistent revenue streams have funded large-scale Bitcoin and Ethereum acquisitions. On this investment, Bullish has posted substantial gains.

EOS did not meet initial expectations. The long-term success of Bullish, originating from Block.one, is yet to be determined.

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