Bullish's subsidiaries extend across six jurisdictions

Bullish operates through subsidiaries in multiple jurisdictions, including Hong Kong, the Cayman Islands, Singapore, the United Kingdom, Germany, and Gibraltar.

Its Hong Kong subsidiaries play a crucial role in the exchange's operations, providing engineering, cybersecurity, custody, and technology services, according to the submitted documentation. Bullish HK Markets Limited holds regulatory licenses in Hong Kong to facilitate the trading of digital assets.

Last month, the Financial Times reported that Bullish had submitted confidential documentation to the SEC to go public in the United States. The report indicated that the American investment bank Jefferies had been selected as the lead underwriter for the offering.

The exchange, which had previously attempted to go public through a merger with a special purpose acquisition company (SPAC) in 2021, saw its previous efforts thwarted due to deteriorating markets in the context of rising interest rates.

Bullish's initiative comes amid recent successes in the realm of cryptocurrency IPOs. Circle, the issuer of the stablecoin USDC

USDC

€0.8601

, raised USD 1.1 billion in its public debut last month, exceeding expectations and marking a record gain of 167% on its first day of trading.

On June 6, Gemini, the exchange founded by Cameron and Tyler Winklevoss, also confidentially filed for listing in the U.S. Both brothers supported Trump's re-election bid and have backed cryptocurrency-focused political action committees.