The recent news that Bullish has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) has reignited interest in a platform that once promised much but quietly faded from view. Originally launched as a centralized cryptocurrency exchange by Block.one—the team behind EOS—Bullish is now attempting a comeback through traditional capital markets, signaling a pivotal shift in its long-term strategy.
This article explores the evolution of Bullish, from its origins rooted in one of the largest ICOs in history to its latest move toward public market legitimacy. We’ll examine the driving forces behind this renewed IPO push, assess its competitive positioning, and evaluate whether the exchange can translate strong financial foundations into real-world traction.
From ICO Legacy to IPO Ambitions: Tracing Bullish’s Evolution
Bullish was launched in 2021 by Block.one, the company responsible for developing the EOS blockchain. Unlike many startups scrambling for seed funding, Bullish entered the market with extraordinary backing: over $10 billion in combined cash and digital assets. This included a staggering 164,000 BTC, $100 million in fiat, and 20 million EOS tokens—all sourced from Block.one’s historic 2018 ICO, which raised more than $4 billion.
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At its core, Bullish represented a strategic pivot for Block.one—an effort to rehabilitate its reputation after years of criticism over unmet promises and regulatory scrutiny. By launching a regulated exchange, the company aimed to transition from decentralized idealism to institutional-grade infrastructure.
In July 2021, just two months after launch, Bullish announced plans to go public via a SPAC merger with Far Peak Acquisition Corp., targeting a $9 billion valuation. The deal was backed by heavyweight investors like BlackRock, Galaxy Digital, and Peter Thiel’s Founders Fund, with an additional $900 million PIPE investment lined up.
However, market conditions shifted rapidly. The SPAC boom collapsed under regulatory pressure and macroeconomic headwinds. In December 2022, Bullish and Far Peak mutually terminated the agreement, effectively ending that chapter. The failure exposed structural weaknesses—notably limited user adoption and unclear product differentiation—leaving Bullish largely dormant in the public eye for nearly three years.
Why Now? Four Key Drivers Behind Bullish’s IPO Revival
1. Regulatory Environment Is Turning Favorable
After years of aggressive enforcement, the U.S. regulatory stance on crypto is showing signs of moderation. Starting in early 2025, the SEC established a dedicated Crypto Task Force, paused several enforcement actions, and signaled openness to clearer rulemaking. Proposed legislation around stablecoins and digital asset reserves has further improved sentiment.
For platforms like Bullish that prioritize compliance, these shifts create fertile ground. With existing licenses in Gibraltar and Hong Kong, along with audited custodial practices by Deloitte, Bullish is better positioned than most to navigate evolving regulations.
2. Market Momentum Is Strong
The broader capital markets have warmed significantly to digital asset ventures. According to Renaissance Capital, Q1 2025 saw 53 IPOs raising $8.5 billion—more than double the previous year’s total. Bitcoin ETFs are also performing strongly, with daily net inflows exceeding $600 million at peak levels.
Traditional financial giants—including JPMorgan, Fidelity, and Goldman Sachs—are deepening their exposure to crypto. Goldman’s Bitcoin ETF holdings surpassed $1.5 billion in late 2024 alone. This institutional embrace validates digital assets as a legitimate asset class and boosts investor confidence in crypto-native firms going public.
3. Industry Precedents Are Setting the Stage
Recent milestones have proven that crypto companies can succeed in public markets. On June 5, 2025, Circle, the issuer of USDC, listed on the NYSE with a first-day surge of 168%, achieving a market cap over $18 billion. The very next day, Gemini filed its own IPO application.
These events serve as powerful validation for Bullish’s strategy. They demonstrate not only investor appetite but also a growing acceptance of crypto firms within mainstream finance.
4. Solid Financial and Governance Foundations
Despite low visibility, Bullish maintains robust institutional support. Its early backers—including BlackRock, Cryptology Asset Group, and Galaxy Digital—lend credibility and stability. Additionally, Peter Thiel remains a vocal advocate, calling Bullish “a cornerstone of the next phase of the crypto revolution.”
The platform enforces strict asset segregation policies and undergoes regular audits—key differentiators in an industry still grappling with transparency issues.
Can Bullish Succeed Where Others Have Struggled?
While the foundation is strong, execution remains the ultimate test.
Compared to industry leaders like Coinbase and Binance, Bullish lags significantly in brand recognition and user engagement. It does not appear on major exchange rankings such as those by CoinTelegraph or Cointelegraph Market Rankings. As of late 2024, Bullish reported a daily trading volume of approximately $1.6 billion—less than 10% of Binance’s $20 billion and even behind Coinbase’s $22 billion average.
Its product suite remains relatively basic: spot trading, AMM pools, margin, and futures for qualified professional traders in select jurisdictions. Notably absent are features that drive retail adoption—NFT marketplaces, staking programs, or integration with trending DeFi narratives.
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Without deeper ecosystem integration or compelling user incentives, Bullish risks being perceived as a well-funded but underutilized platform—a “capital vault” without a vibrant community.
Moreover, going public will bring heightened scrutiny. Investors will demand clear answers on growth strategy, profitability timelines, and competitive differentiation. For a company that has operated quietly for years, this transparency could be challenging.
Frequently Asked Questions (FAQ)
Q: What is Bullish?
A: Bullish is a centralized cryptocurrency exchange launched by Block.one in 2021. It aims to combine high-performance trading infrastructure with strong regulatory compliance.
Q: Why did Bullish’s SPAC merger fail?
A: The planned merger with Far Peak Acquisition Corp. collapsed in December 2022 due to deteriorating market conditions, cooling SPAC enthusiasm, and increasing regulatory uncertainty in the crypto sector.
Q: Where is Bullish licensed?
A: Bullish holds operating licenses in Gibraltar and Hong Kong and complies with local custodial and audit requirements.
Q: Who are Bullish’s major investors?
A: Key backers include BlackRock, Galaxy Digital, Cryptology Asset Group, and Peter Thiel’s Founders Fund.
Q: How does Bullish compare to Coinbase or Binance?
A: While financially well-backed, Bullish trails both in trading volume, product diversity, and global reach. It currently lacks features like NFTs, staking, or broad derivatives access.
Q: Is Bullish available worldwide?
A: No. Access is restricted based on jurisdiction due to compliance requirements. Derivatives trading is only open to qualified professional clients in certain regions.
Final Thoughts: An IPO Is Just the Beginning
Bullish’s IPO filing is more than a corporate milestone—it's a symbol of maturation for an industry long dismissed as speculative. Coming on the heels of Circle’s successful listing and Gemini’s public filing, it signals the arrival of a new wave of crypto-native companies entering traditional finance.
But listing on a major exchange isn’t victory—it’s admission into a far more demanding arena. To succeed, Bullish must do more than showcase balance sheet strength; it must prove it can attract users, innovate products, and compete in real time.
For Block.one, this revival represents redemption—a chance to transform legacy capital into lasting impact. For the broader ecosystem, it underscores a critical truth: in today’s crypto landscape, compliance and credibility are just the entry ticket. Growth and engagement win the game.
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