Recently, the stablecoin sector has been very lively. First, the industry leader Circle successfully went public,
A U.S. IPO is like throwing a big stone into a calm lake, causing the entire market to boil over. Now, another company called Bullish is aiming for a U.S. IPO, so let's discuss this matter in detail.
Circle's IPO: Adding fuel to the stablecoin sector
On April 1 of this year, Circle announced its intention to go public and submitted its application. At that time, the U.S. Senate was embroiled in a heated debate over the relevant stablecoin legislation, and many thought the situation was precarious. However, unexpectedly, Circle successfully went public on June 5.
Its initial offering price was only $31, but after going public, the stock price soared, reaching nearly $298 at its peak, increasing nearly tenfold in just a month, with a market value approaching $50 billion! This operation was truly remarkable and showcased the potential of the stablecoin sector to many.
Circle's main product is USDC, a stablecoin pegged 1:1 to the U.S. dollar, which can be used in many places worldwide, whether for payments, settlements, or holding digital dollars, making it quite convenient. Its successful IPO serves as an example for other companies looking to develop in this space, motivating everyone.
Bullish: A new player backed by industry giants
Circle's popularity hasn't dwindled yet, and Bullish has jumped in to say it also wants to go for a U.S. IPO. This company was just established in 2021; although it's young, its background is impressive. It was created in collaboration with the blockchain company Block.one and Silicon Valley investment mogul Peter Thiel.
Peter Thiel is a prominent figure in the investment world; he not only invested in Bullish but also brought in his founding fund and Thiel Capital for financial support. Additionally, powerful players like Alan Howard and Nomura Securities are also backing it, making for an impressive lineup, ensuring ample funding.
In fact, Bullish considered going public just two months after its establishment, looking to take a shortcut via a 'reverse merger.' Unfortunately, luck was not on its side at that time, as the Federal Reserve was expected to raise interest rates, coupled with a number of companies in the cryptocurrency sector facing issues and crises, leading to the failure of that plan.
Bullish's business: Engaging in both trading and media
Although it didn't succeed in going public earlier, Bullish has been busy in recent years developing two main business areas.
Exchange business: Trading is going quite well
Bullish has its own exchange, which is its core business. By the end of this quarter, the total trading volume of this exchange since its inception has exceeded $12.5 trillion, which is quite impressive.
In 2024 alone, the spot trading volumes for Bitcoin and Ethereum reached approximately $284.8 billion and $144.5 billion, respectively. In the first quarter of 2025, the average daily trading volume exceeded $2.5 billion, ranking among the top five in Bitcoin and Ethereum spot trading, which has given it some recognition in this circle.
The cryptocurrency trading market is quite competitive right now, with Binance, Coinbase, and Kraken being its competitors. However, Bullish has slowly attracted quite a few users thanks to its unique trading methods, advanced technology, and strong financial support.
Acquisition of CoinDesk: Mastering industry information channels
In 2023, Bullish acquired the media platform CoinDesk. CoinDesk is well-known in the cryptocurrency circle; many people rely on it for news and price information about Bitcoin and other digital currencies.
CoinDesk not only provides real-time market news but also conducts in-depth industry analysis, reporting on various trends, price changes, technological developments, and company dynamics in digital currencies. By the end of this quarter, its professional data and research have served 171,000 users globally, and its website attracted 55 million unique visitors in 2024, making it an important source of information for people in the cryptocurrency circle.
By acquiring CoinDesk, Bullish not only gained numerous industry resources and users but also combined its exchange business with the media platform, potentially creating a comprehensive ecosystem for trading, information gathering, and research.
Profit situation: Mixed results
As Bullish aims for a U.S. IPO, everyone is concerned about its profitability. From the data, there are both good news and bad news.
In the first quarter of 2025, its trading business performed quite well, with an average daily trading volume exceeding $2.5 billion, ranking among the top five in Bitcoin and Ethereum spot trading, indicating that users recognize its platform.
Unfortunately, this quarter it reported a loss, with a net loss of $348 million, whereas during the same period last year, it had a profit of $104 million. The main reason was that the price of Bitcoin fell during the first quarter, leading to a $246 million decrease in its book value.
However, there is no need to worry too much; if Bitcoin prices rebound later, its asset value will also rise, and it may quickly turn a profit. In the long run, as long as the market stabilizes, its exchange and media business should bring sustained revenue growth.
What the future holds: We are just waiting for regulatory policies
The future development of Bullish largely depends on how U.S. regulatory rules for cryptocurrencies are established.
Currently, legislation regarding cryptocurrencies in the U.S. is quite critical. This week, the U.S. House of Representatives has passed the Digital Asset Market Clarity Act; although it still needs to undergo some procedures before implementation, this is an important step towards more standardized cryptocurrency regulation. The Senate is also considering other regulatory frameworks, and a vote is expected in September.
Once there are clear regulatory rules, the stablecoin industry can develop in a more standardized and transparent manner. For Bullish, this is a great benefit, as it can reduce market uncertainties, instill greater confidence in investors, and attract more participants in cryptocurrency trading.
While waiting for regulatory policies, Bullish is also actively expanding its global market and applying for licenses in different regions. In January this year, it obtained a cryptocurrency asset trading and custody license in Germany, allowing it to operate in the European Economic Area. In February, Hong Kong also granted it a license for a virtual asset trading platform, and it plans to collaborate primarily with brokers that have upgraded to a 'Type 1 License' in Hong Kong to develop well in the Asian market.
Overall, Bullish's push for a U.S. IPO is a significant event for the stablecoin sector. It has strong capital support, diversified business, and certain industry advantages, which may appeal to investors. However, the market also has uncertainties, such as whether regulatory policies will change, whether competition will intensify, and how much cryptocurrency prices will fluctuate, all of which could affect its development. Whether it can seize opportunities for better growth in the future remains to be seen. For investors, Bullish's IPO represents a new opportunity, but careful consideration of the associated risks and opportunities is necessary before investing.
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