Since 2025, the US stock market IPOs have continued to recover. Circle $CRCL surged 168% on its first day of trading. Figma $FIG soared 250% on its first day of trading. Daniel Larimer, the founder of $EOS, which was all the rage in 2018 and once challenged $ETH, has submitted an application for his crypto exchange Bullish to the US SEC, planning to go public. The stock pricing range is set at $28–31 per share, with an expected issuance of about 20.3 million shares, aiming for a fundraising cap of $629.3 million, and a valuation of up to $4.23 billion, listing on the NYSE under the ticker $BLSH. JP Morgan, Jefferies, and Citigroup are the lead underwriters, with Cantor and Deutsche Bank participating in the joint underwriting. In addition to the fact that the founder is Daniel Larimer, the main investors include Silicon Valley mogul Peter Thiel and Galaxy Digital $GLXY founder Mike Novogratz. Most of the funds raised from the IPO will be converted into USD-pegged stablecoins. In 2023, revenue was approximately $302 million, with a net profit of $150 million. In the first quarter of 2025, the average daily trading volume was $2.5 billion, with a cumulative trading volume exceeding $12.5 trillion. Cash reserves are about $874 million, with client assets totaling around $2.4 billion, holding significant amounts of $BTC and EOS, now renamed Vaulta $A. Main competitors include Coinbase $COIN, Robinhood $HOOD, and eToro $ETOR.