While Bullish may not be the most well-known name in the crypto exchange landscape, its origins are nothing short of extraordinary. Backed by a staggering reserve of 164,000 BTC and a relentless drive for compliance, Bullish represents a unique blend of crypto ambition and traditional finance discipline.
The Formative Years: Block.one’s Ambition and the Birth of Bullish
Bullish emerged from Block.one, the company behind the once-hyped EOS blockchain. After raising a record-breaking $4.2 billion in its initial coin offering (ICO), Block.one shifted its focus from building a so-called “Ethereum killer” to creating a compliant, institutional-grade crypto exchange.
In July 2021, Bullish launched with monumental financial backing:
- $100 million in cash from Block.one
- 164,000 BTC (worth approximately $9.7 billion at the time)
- 20 million EOS tokens
- An additional $300 million from external investors, including PayPal co-founder Peter Thiel and hedge fund veteran Alan Howard
This brought its total initial assets to over $10 billion—a war chest larger than many established exchanges.
A Compliance-First Strategy
From the outset, Bullish prioritized regulatory approval over rapid growth. Its goal was not merely to compete in the crypto space but to become a publicly traded, fully compliant entity.
Key steps in its compliance journey include:
- A planned merger with special-purpose acquisition company (SPAC) Far Peak Acquisition Corporation to go public
- Hiring former NYSE President Thomas Farley as CEO to leverage his Wall Street connections and regulatory experience
- Securing a Virtual Asset Service Provider (VASP) license in Hong Kong
- Obtaining regulatory approval from Germany’s Federal Financial Supervisory Authority (BaFin)
Unlike many crypto-native exchanges, Bullish also took a clear stance in the stablecoin market, favoring USDC over USDT. This aligned with its broader strategy of appealing to regulators and institutional players.
The Complicated Relationship with EOS
The launch of Bullish was seen by the EOS community as a betrayal. Block.one had raised billions promising to build a revolutionary blockchain, only to pivot toward a centralized exchange that ignored the EOS ecosystem.
Tensions culminated in:
- The EOS community removing Block.one from governance control
- Legal action led by the EOS Network Foundation (ENF)
- A rebranding of EOS to “A” (and later Vaulta) to distance itself from Block.one
Despite these conflicts, Block.one retained control over the ICO funds and its massive Bitcoin treasury.
Block.one’s Bitcoin Treasury: A Masterclass in Capital Preservation
Block.one’s most impressive financial achievement is its Bitcoin accumulation. The company holds 164,000 BTC—more than any other private company, including Tether.
At current prices, this stash is worth over $17.5 billion. That means Block.one’s Bitcoin investment alone has generated returns of roughly $13 billion—more than three times the amount raised in the EOS ICO.
Rather than investing heavily in EOS development, Block.one allocated the majority of its funds to low-risk assets like U.S. government bonds and Bitcoin. This conservative strategy proved immensely profitable, even as the EOS ecosystem struggled.
Frequently Asked Questions
What is Bullish?
Bullish is a regulated cryptocurrency exchange focused on institutional investors. It was launched by Block.one, the company behind EOS, and is known for its deep liquidity and compliance-first approach.
How is Bullish different from other crypto exchanges?
Unlike many exchanges that prioritize retail users, Bullish targets institutions and high-net-worth individuals. It emphasizes regulatory compliance, transparency, and integration with traditional finance.
Why did the EOS community disapprove of Bullish?
Many in the EOS community felt abandoned by Block.one, which used funds raised during the EOS ICO to launch a separate venture. This led to legal disputes and governance changes within the EOS ecosystem.
How much Bitcoin does Block.one own?
Block.one holds 164,000 BTC, making it the largest corporate Bitcoin holder globally. This position has appreciated significantly since the initial acquisition.
Is Bullish available to U.S. investors?
Currently, Bullish is not available in the U.S. It has focused on obtaining licenses in regions like Asia and Europe instead.
What are Bullish’s future plans?
Bullish has reportedly filed for an IPO with the SEC. If successful, it would become one of the first major compliant crypto exchanges to go public.
Conclusion: A New Model for Crypto Business?
Bullish represents a fascinating case study in crypto capitalism. It demonstrates how capital allocation, regulatory strategy, and timing can matter more than technological innovation or community loyalty in this rapidly evolving industry.
While its relationship with EOS remains controversial, Bullish’s focus on compliance and institutional adoption could make it a significant player as crypto continues to mature. For those interested in platforms that merge crypto liquidity with traditional market safeguards, 👉 explore advanced trading tools and strategies.
Whether Bullish can leverage its immense resources to become a dominant exchange remains to be seen. But its journey underscores a recurring theme in crypto: those who navigate regulation wisely often last the longest.