Bullish
Bullish is a Cayman Islands-based cryptocurrency exchange and blockchain infrastructure company focused on institutional digital-asset trading.
Last updated August 31, 2026
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Overview
Bullish is a cryptocurrency exchange and blockchain technology company headquartered in George Town, Cayman Islands. Its principal business is the provision of digital-asset market infrastructure through the Bullish Exchange, including spot, margin, and derivatives trading. The company has pursued a regulated, institution-oriented position in the cryptocurrency market, emphasizing exchange infrastructure, liquidity provision, and access to a range of digital assets rather than presenting itself primarily as a consumer wallet or retail payments brand. The company was founded in 2020 by Brendan Blumer, who had previously launched Block.one. Bullish initially developed in Hong Kong and began operations in May 2021. Block.one supplied substantial initial resources, including bitcoin, cash, and EOS.IO tokens. The company also raised approximately US$300 million from investors including Peter Thiel, Alan Howard, Louis Bacon, Christian Angermayer, and Richard Li. Thomas Farley, formerly associated with the New York Stock Exchange, became the company's chief executive and public-facing operating leader at launch, while Blumer served as chairman. Bullish pursued regulatory permissions in multiple jurisdictions during its early development. In 2021, it received a distributed-ledger-technology licence from the Gibraltar Financial Services Commission, and the company was incorporated in the Cayman Islands on June 22 of that year. The exchange began formal operations for an initial group of institutional customers in November 2021, including Virtu Capital and Amber Group. At launch, the platform supported assets such as bitcoin, ether, EOS tokens, and USD Coin, and it initially made roughly US$3 billion of assets available through a liquidity pool. The company also sought access to public capital markets. In 2021, Bullish announced a proposed combination with the Far Peak Acquisition Corporation, a special-purpose acquisition company, at a reported valuation of approximately US$9 billion. The transaction did not proceed and was terminated in December 2022 after the parties were unable to obtain the necessary approvals. Far Peak subsequently moved toward winding down, while Bullish continued operating as a private company. In November 2023, Bullish expanded beyond exchange operations by acquiring CoinDesk, a digital-asset news and information business, for approximately US$75 million. The acquisition gave Bullish ownership of a prominent media and information property serving cryptocurrency and blockchain audiences, although CoinDesk continued to operate as a distinct editorial organization. By March 2024, Bullish reported having processed approximately US$1.25 trillion in cumulative transactions. Its balance sheet remained closely associated with the company's original Block.one funding, although it had sold a significant portion of the initial bitcoin allocation. It still held more than 24,000 bitcoin at that point, as well as dollar-denominated stablecoins. In July 2024, Block.one reduced its equity interest in Bullish to below 50 percent. Bullish became a public company through an initial public offering in August 2025, reportedly raising approximately US$1.1 billion. Brendan Blumer remained the largest shareholder at the time of the offering, while board member Kokuei Yuan and chief executive Tom Farley also held substantial interests. In May 2026, Bullish agreed to acquire transfer-agent and financial-services company Equiniti from Siris Capital for approximately US$4.2 billion, including assumed debt and Bullish stock. This proposed transaction would broaden Bullish beyond cryptocurrency-market infrastructure into adjacent financial-market services.
History
Bullish was established in 2020 by Brendan Blumer, the founder of Block.one. The business initially developed in Hong Kong and was designed as a digital-asset exchange with an institutional orientation. Block.one provided the initial financial and cryptocurrency resources, including a large bitcoin allocation, cash, and EOS.IO tokens. Bullish also attracted outside investment from a group of technology, finance, and cryptocurrency investors. Thomas Farley became chief executive when the company launched its operating activities, while Blumer served as chairman. The company began operations in May 2021 and worked to establish a regulatory foundation across several jurisdictions. It received a distributed-ledger-technology licence from the Gibraltar Financial Services Commission and was incorporated in the Cayman Islands on June 22, 2021. In November of that year, Bullish began serving an initial set of institutional participants, including Virtu Capital and Amber Group. Its early product set included trading in bitcoin, ether, EOS tokens, and USD Coin. Bullish also committed approximately US$3 billion of assets to an initial liquidity pool, reflecting its effort to compete on market depth and execution quality. Bullish's early corporate strategy included a planned route to public markets. In 2021, it announced a merger with Far Peak Acquisition Corporation, a SPAC led by Farley. The proposed combination was valued at approximately US$9 billion, but the transaction did not receive the required approvals and was canceled in December 2022. Far Peak, which had raised US$550 million in its own public offering, subsequently planned to wind down. Bullish continued independently rather than completing the proposed SPAC listing. The company broadened its activities in November 2023 by acquiring CoinDesk for approximately US$75 million. CoinDesk was a well-known digital-asset media and information company. The deal connected Bullish's exchange business with a media and data platform serving cryptocurrency investors, professionals, and institutions. CoinDesk remained an identifiable editorial property rather than simply being absorbed into the exchange brand. Bullish continued to build trading volume and maintain a substantial digital-asset treasury. By March 2024, the company had processed approximately US$1.25 trillion in cumulative transactions and offered spot, margin, and derivatives products. It had disposed of a significant part of the bitcoin contributed by Block.one but still held more than 24,000 bitcoin, along with approximately US$144 million in dollar-denominated stablecoins, according to the cited account. In July 2024, Block.one's ownership fell below 50 percent, marking a change in the company's shareholder structure. Bullish subsequently entered the public markets through an initial public offering in August 2025. The offering reportedly raised approximately US$1.1 billion. At the time, Blumer was identified as the largest shareholder, while board member Kokuei Yuan and chief executive Tom Farley also held significant stakes. The listing represented a different path to public ownership from the unsuccessful Far Peak transaction. In May 2026, Bullish agreed to purchase Equiniti from Siris Capital for approximately US$4.2 billion. The consideration included assumed debt of approximately US$1.85 billion and approximately US$2.35 billion in Bullish stock. If completed, the transaction would extend Bullish's business into transfer-agent and related financial-market services, making the company less narrowly focused on cryptocurrency exchange activity. The available reference material does not establish the completion date or final status of that proposed acquisition.
- 2026
Agreement to acquire Equiniti
[1]Bullish agreed to acquire Equiniti in a transaction valued at approximately US$4.2 billion, including assumed debt and stock consideration.
- 2025
Initial public offering
[1]Bullish became a public company through an IPO that reportedly raised approximately US$1.1 billion.
- 2024
Block.one stake falls below 50 percent
[1]Block.one reduced its ownership interest in Bullish to below half of the company's equity.
- 2023
CoinDesk acquisition
[1]Bullish acquired CoinDesk for approximately US$75 million.
- 2022
SPAC merger is canceled
[1]The proposed merger with Far Peak Acquisition Corporation was terminated after the required approvals were not obtained.
- 2021
Operations begin and regulatory work expands
[1]Bullish began operations, obtained a Gibraltar distributed-ledger-technology licence, and was incorporated in the Cayman Islands on June 22.
- 2021
Institutional exchange launch
[1]The exchange began serving an initial group of institutional investors and deployed a substantial liquidity pool.
- 2020
Bullish is founded
[1]Brendan Blumer founded Bullish as a digital-asset exchange and blockchain infrastructure venture associated with Block.one.
Products and positioning
A regulated, institution-focused digital-asset exchange and financial-market infrastructure provider.
Cryptocurrency exchange · 2021
Bullish Exchange
Bullish's core exchange platform provides institutional-oriented access to digital-asset markets. The platform was initially associated with bitcoin, ether, EOS tokens, and USD Coin, and later supported spot, margin, and derivatives trading. Its proposition combines exchange execution with liquidity infrastructure and a regulated-market approach across jurisdictions including Germany, Hong Kong, Gibraltar, and New York State.
Digital-asset market infrastructure · 2021
Institutional liquidity infrastructure
Bullish built its early exchange proposition around deep liquidity and institutional participation. At its initial operating stage, the company made approximately US$3 billion of assets available through a liquidity pool. This infrastructure supports trading and market-making functions rather than representing a separate consumer-facing product line.
Digital-asset media and information
CoinDesk
CoinDesk is a cryptocurrency and blockchain news and information business acquired by Bullish in 2023. It gives Bullish exposure to media, editorial, data, and industry-information activities adjacent to exchange operations. The property continues to be identified separately from the Bullish Exchange brand.
Brand decisions
2026
Agree to acquire EquinitiM&ABackground
Bullish sought to broaden its financial-market activities beyond cryptocurrency exchange and blockchain infrastructure.
Action taken
The company agreed to acquire Equiniti from Siris Capital for approximately US$4.2 billion, using Bullish stock and assuming debt.
Aftermath
The available reference material does not confirm whether the transaction was completed.
Announced transaction value. Approximately US$4.2 billion, including US$1.85 billion of assumed debt and US$2.35 billion in Bullish stock (May 2026)
2025
Pursue a public listing through an IPOStrategyBackground
After the earlier SPAC transaction failed, Bullish continued to seek access to public equity markets.
Action taken
Bullish became a public company through an initial public offering in August 2025.
Aftermath
The offering reportedly raised approximately US$1.1 billion and changed Bullish's ownership and financing structure.
IPO proceeds. Approximately US$1.1 billion (August 2025)
2023
Acquire CoinDeskM&ABackground
Bullish sought to expand beyond exchange operations into digital-asset media and information services.
Action taken
The company acquired CoinDesk for approximately US$75 million.
Aftermath
Bullish added a prominent cryptocurrency media and information business to its corporate portfolio.
Acquisition price. Approximately US$75 million (November 2023)
2022
Terminate the Far Peak SPAC transactionM&ABackground
Bullish had announced a proposed combination with Far Peak Acquisition Corporation at an indicated value of approximately US$9 billion, but the transaction faced approval obstacles.
Action taken
The parties canceled the proposed merger in December 2022, and Far Peak later moved toward winding down.
Aftermath
Bullish remained private until pursuing a conventional initial public offering in 2025.
Proposed transaction value. Approximately US$9 billion (2021-2022)
Recent events
- 2026
Bullish agrees to acquire Equiniti[1]
M&A
Bullish agreed to acquire transfer-agent and financial-services company Equiniti from Siris Capital for approximately US$4.2 billion, comprising assumed debt and Bullish stock.
- 2025
Bullish completes initial public offering[1]
Other
Bullish became a public company through an initial public offering that reportedly raised approximately US$1.1 billion.
- 2024
Block.one reduces its Bullish ownership[1]
Other
Block.one reduced its equity stake in Bullish to below 50 percent as the exchange continued to expand its market activity and product range.
- 2023
Bullish acquires CoinDesk[1]
M&A
Bullish acquired cryptocurrency and blockchain news company CoinDesk for approximately US$75 million, expanding into digital-asset media and information services.
- 2022
Bullish-Far Peak SPAC transaction is terminated[1]
M&A
Bullish ended its proposed approximately US$9 billion merger with Far Peak Acquisition Corporation after the planned transaction failed to secure the required approvals.
- 2021
Bullish receives Gibraltar distributed-ledger-technology licence[1]
Regulation
Bullish was awarded a distributed-ledger-technology licence by the Gibraltar Financial Services Commission as it prepared its institutional digital-asset exchange operations.
- 2021
Bullish begins institutional exchange operations[1]
Product launch
The company began operating for an initial group of institutional customers, including Virtu Capital and Amber Group, and made a large pool of assets available to support liquidity.
Sources2 sources
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