By Louis, ChainCatcher
Edited by Crypto Luo Xiaohei, ChainCatcher
On June 11, 2024, the UK Financial Times reported that cryptocurrency trading platform Bullish had confidentially filed for an Initial Public Offering (IPO) with the U.S. Securities and Exchange Commission (SEC). Three years prior, Bullish attempted to go public via a Special Purpose Acquisition Company (SPAC) merger with Far Peak, which ultimately stalled due to market shifts. Now, it’s knocking on capital markets’ doors again—this time through a traditional IPO route.
As a platform incubated by Block.one (EOS’s parent company), Bullish boasts unique capital backing and represents a pivotal experiment in Web3’s early-stage capital transformation. The IPO filing coincides with Bitcoin surpassing $110,000 and Circle’s listing just days earlier. Amid this bullish industry momentum, the long-understated exchange is back in the spotlight.
This article traces Bullish’s journey—from funding sources to founding motives and growth strategies—while exploring the deeper drivers behind its relaunch in today’s market.
From ICO to Relaunch: Bullish’s Journey
According to RootData, Bullish is a centralized cryptocurrency exchange launched in 2021 by Block.one, EOS’s developer. It secured over $10 billion in cash and digital assets shortly after inception, including Block.one’s initial injection of:
- 164,000 Bitcoin
- $100 million cash
- 20 million EOS tokens
Its funding traces back to EOS’s historic 2018 ICO, which raised $4 billion. However, EOS faced SEC penalties for governance failures, prompting Block.one to pivot toward compliance. Bullish emerged as a key effort to rebuild trust.
In July 2021, Bullish announced plans to merge with SPAC Far Peak Acquisition Corp., targeting a $9 billion valuation with backing from BlackRock and Galaxy Digital. By December 2022, the deal collapsed amid SPAC market decline and regulatory pressures, exposing Bullish’s struggles with user adoption and compliance.
Why Relaunch the IPO After 3 Years?
1. Regulatory Tailwinds
The U.S. crypto regulatory landscape has softened since 2025, with SEC’s Crypto Task Force signaling openness. Stablecoin legislation and strategic reserve policies further empower compliant platforms like Bullish.
2. Market Momentum
Q1 2025 saw 53 IPOs raising $8.5 billion—a YoY surge. Bitcoin ETFs hit $607 million daily inflows, while traditional giants like JPMorgan and Fidelity expanded crypto holdings. Bullish’s timing aligns perfectly with this liquidity wave.
3. Peer Validation
Circle’s NYSE debut (up 168%) and Gemini’s IPO filing demonstrate crypto’s IPO viability. Bullish now has a roadmap to follow.
4. Strong Capital Base
Backed by Block.one and investors like Peter Thiel, Bullish retains robust funding. It holds licenses in Gibraltar and Hong Kong, with Deloitte-audited asset segregation—a solid compliance foundation.
👉 How Bullish Compares to Top Crypto Exchanges
Can Bullish Pass Market Scrutiny?
Despite capital strength, Bullish lags behind Coinbase and Binance in brand recognition. Key gaps include:
- Limited Product Suite: Basic trading features (spot, AMM, derivatives) but no NFT or staking modules.
- Low Trading Volume: $1.6 billion daily (2024) vs. Binance’s $20 billion.
- Ecosystem Isolation: Weak ties to trending Web3 narratives.
Post-IPO, Bullish must prove profitability and growth to sustain valuation. Institutional investors remain cautious—IPO approval ≠ long-term success.
Conclusion
Bullish’s IPO symbolizes ICO-born projects seeking mainstream redemption. Amid Circle and Gemini’s listings, a new crypto IPO wave is forming. Yet for Bullish, the real challenge begins post-listing: converting capital into user trust and market share.
👉 Explore Bullish’s Compliance Framework
FAQ
Q: What’s Bullish’s key advantage over competitors?
A: Its Block.one-backed capital reserve and compliance infrastructure stand out, though user adoption trails leaders.
Q: How does Bullish’s trading volume compare?
A: At $1.6B daily (2024), it’s dwarfed by Binance ($20B) and Coinbase ($2.2B).
Q: Why now for the IPO?
A: Favorable regulations, market recovery, and peer successes (e.g., Circle) created an ideal window.
Q: Will Bullish expand its product offerings?
A: Likely—to compete, it must innovate beyond core trading features.