Today in crypto, Cayman Islands-based Bullish has filed for IPO registration with the SEC, aiming to list on NYSE as “BLSH,” Bitcoin may briefly consolidate but new all-time highs are still possible for July. Meanwhile, US President Donald Trump has signed the GENIUS Act into law, enacting the country’s first stablecoin legislation.
Crypto exchange Bullish files for US IPO, targets NYSE listing as “BLSH”
Bullish, a cryptocurrency exchange owned by Bullish Global, has filed for an initial public offering (IPO) in the United States. The Cayman Islands-based firm plans to list its ordinary shares on the New York Stock Exchange (NYSE) under the ticker symbol “BLSH.”
The exact number of shares to be offered and the price range remain unspecified, according to a Friday F-1 registration statement filed with the US Securities and Exchange Commission (SEC). However, the exchange has granted the underwriters a 30-day option to purchase additional shares.
For fiscal year 2024, Bullish reported a net income of approximately $80 million. However, despite this positive full-year result, the company experienced a significant downturn in the first quarter of 2025, reporting a net loss of $349 million compared to a $104.8 million net profit in the same quarter of 2024.
Furthermore, the exchange claims over $1.9 billion in liquid assets, including cash, Bitcoin (BTC), stablecoins and other digital assets.
Bitcoin ‘pausing here for air’ likely, but another July ATH still possible
Bitcoin could be in for a brief consolidation phase after its recent surge to new all-time highs — but another leg up before the end of July isn’t off the table, according to Galaxy Digital’s head of franchise trading, Michael Harvey.
“Consolidation around current prices is my base case given the large rally and new ATH,” Harvey told Cointelegraph.
“I do expect BTC to trend higher into the year-end, but pausing here for air would be realistic,” Harvey said, adding:
“I think the best case BTC price into month end is a continued slow melt-up.”
He explained that reaching new highs by the end of this month is the best case scenario and would require ongoing strong inflows into the US-based spot Bitcoin exchange-traded funds (ETF), continued accumulation by Bitcoin treasury firms, and an aggressive increase in retail demand.
Crypto execs center stage as Trump signs stablecoin bill into law
US President Donald Trump signed one of the first bills related to crypto and blockchain of his administration into law on Friday after delays due to debates in the House of Representatives and Senate.
In a Friday signing ceremony attended by many cryptocurrency company executives and high-ranking Republicans, including Vice President JD Vance and House Speaker Mike Johnson, Trump signed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act into law.
The president acknowledged the support of several crypto figures in attendance, including Kraken co-CEO David Ripley, Gemini co-founders Cameron and Tyler Winklevoss, Coinbase CEO Brian Armstrong, Circle CEO Jeremy Allaire, Tether CEO Paolo Ardoino and Robinhood CEO Vladimir Tenev.
“The entire crypto community, for years, you were mocked and dismissed and counted out, you were counted out as little as a year and a half ago, but this signing is a massive validation […] of your hard work and your pioneering spirit,” said Trump, reading prepared remarks.
