Author: Louis, ChainCatcher
Editor: Crypto Little Black, ChainCatcher
Original Title: Bullish Files for IPO: A Comprehensive Analysis of This “Secret Exchange”'s Capital Restart Journey
On June 11, 2024, according to the Financial Times in the UK, the cryptocurrency trading platform Bullish has secretly submitted its initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC). Three years ago, Bullish planned to go public by merging with Far Peak through a special purpose acquisition company (SPAC), but the plan was ultimately shelved due to market changes. Now, it has chosen the traditional route to once again knock on the door of the capital markets.
As a platform incubated by Block.one, the parent company of EOS, Bullish has a unique capital background and is also seen as an important experiment in the early capital transformation of Web3. The news of this IPO application comes at a time when the price of Bitcoin has surpassed $110,000, and Circle has been listed for less than a week. With the industry atmosphere on the rise and multiple factors converging, this low-profile exchange is once again in the spotlight.
This article will guide readers through the development context of this platform from the perspectives of funding sources, founding motivations, and development paths, and explore the deeper reasons behind Bullish’s relisting in the current industry environment.
From ICO to Relaunching the Listing, Reviewing the Journey of Bullish
According to RootData, Bullish is a centralized cryptocurrency exchange initiated by Block.one, the software development company behind the EOS project, in 2021. Within a short period of its establishment, it secured over $10 billion in cash and digital asset support, including 164,000 bitcoins from Block.one’s initial funding round, $100 million in cash, and 20 million EOS tokens.
Its funding comes from the historic ICO conducted by the EOS project in 2018, raising over $4 billion in total. However, due to governance chaos and slow progress, the EOS Foundation has long been questioned for “failing to deliver on promises” and ultimately faced penalties from the SEC. The creation of Bullish is seen as an important attempt by Block.one to transition towards a “compliant exchange” and as part of the company’s efforts to rebuild market trust amid negative reputation.
In July 2021, Bullish announced its intention to go public through a merger with SPAC company Far Peak Acquisition Corp. just two months after its establishment. The deal attracted market attention due to a valuation of up to $9 billion, and it planned to raise approximately $900 million through PIPE financing, gaining support from well-known institutions such as BlackRock and Galaxy Digital.
However, as the SPAC boom fades, regulatory tightening in the crypto industry, and rising macroeconomic pressures, the advancement of the transaction is hindered. On December 22, 2022, both parties announced that they had “mutually agreed to terminate the merger agreement,” and Far Peak subsequently entered the liquidation process. This setback also marks another capital attempt blocked following Block.one’s ICO in 2018. For Bullish, not only did the high valuation financing fall through, but it also exposed its structural challenges between user base and compliance adaptation, gradually fading from the public eye.
Why did Bullish restart its IPO after nearly 3 years of silence?
- Improvement of the policy environment:
Since the Trump administration took office, the regulatory environment for the U.S. crypto market has significantly shifted towards looseness. In January 2025, the U.S. Securities and Exchange Commission (SEC) established the Crypto Task Force, marking a positive shift in regulatory attitude. At the same time, the SEC has suspended or revoked several enforcement actions against crypto companies. As the stablecoin bill and legislative measures related to strategic reserves gradually advance, platforms with clear compliance paths like Bullish have also gained more room for development and expansion confidence, bringing a “post-storm” outlook to the crypto market.
- The market is hot, attracting mainstream capital attention:
According to data from Renaissance Capital, a total of 53 companies completed IPOs in the first quarter of 2025, raising approximately $8.5 billion, a significant increase compared to the same period last year. As of May 21, 2025, the net inflow into Bitcoin ETFs reached $607 million in a single day, indicating a strong market interest in such products. Traditional financial institutions like JPMorgan, Fidelity, and Citibank are diversifying their investments, while Goldman Sachs increased its Bitcoin ETF reserves to over $1.5 billion in the fourth quarter of 2024, making crypto assets a focal point of capital once again. Against this backdrop, Bullish chose to “test the waters quietly,” hitting the rhythm of the market recovery, and naturally gained a high-quality environment formed by liquidity and attention.
- Peer Demonstration Effect:
On June 5, 2025, stablecoin issuer Circle successfully listed on the New York Stock Exchange, with its stock price surging 168% on the first day and market capitalization exceeding $18.3 billion. This validated the feasibility of crypto companies going public in the current environment and sparked widespread market attention. Following closely, crypto exchange Gemini submitted its IPO application on June 6, providing a practical reference for similar platforms. For Bullish, there are not only precedents to follow but also peers to lead the way.
More IPO-related reading: American crypto companies enter a frenzy era: mergers and acquisitions, IPOs, and the tokenization boom. With Amber landing on NASDAQ, over 10 companies are queued to go public, marking the beginning of the “IPO” year for crypto.
- Solid foundation of self-capital:
In addition to the strong capital strength of its parent company Block.one, Bullish obtained support from several well-known investment institutions, including BlackRock, Cryptology Asset Group, and Galaxy Digital, through private equity financing (PIPE) as early as 2021, providing solid capital support for its subsequent IPO restart. In terms of compliance, Bullish has obtained operating licenses in places such as Gibraltar and Hong Kong, and has implemented a customer asset segregation mechanism along with regular audits conducted by Deloitte, establishing a relatively solid compliance foundation in the context of tightening global regulations.
One of its main investors, billionaire Peter Thiel, has also publicly stated that he always views Bullish as an important part of the cryptocurrency revolution.
Against the backdrop of “favorable timing, geographical advantages, and harmonious relationships,” Bullish chooses to set sail once again: the market is warming up, regulations are loosening, there are pioneers showing the way forward, and a solid foundation supports its endeavors. This restart of the IPO is not just a capital move, but rather a bold attempt to expand its presence in the crypto landscape after three years of silence.
Can Bullish withstand the test of the market and time?
Despite Bullish having a strong starting advantage in terms of capital structure and compliance framework, its actual performance in the market over the past few years has consistently fallen short of investor expectations. Compared to crypto giants like Coinbase and Binance, Bullish has limited brand recognition and has never appeared on various “most trusted” or “traffic leading” lists in mainstream crypto exchange rankings such as Coin Telegraph, reflecting its failure to enter the core category of the industry’s authoritative evaluation system.
Its official website product description only covers basic functions such as spot trading, automated market making (AMM), margin and contract matching, and does not mention more retail market-oriented innovative modules like NFTs and token staking. Derivative services are also limited to qualified professional investors in specific regions. At the same time, Bullish has yet to establish a substantial connection with popular narratives in the on-chain ecosystem, which undoubtedly sets up a “wall of isolation” for its own growth.
According to data from CoinGecko and the Bullish official website, by the end of 2024, the platform’s average daily trading volume is approximately $1.6 billion, while during the same period, Binance and Coinbase have average daily trading volumes of about $20 billion and $2.2 billion, respectively, showing a significant gap.
After going public, Bullish will also face dual pressures of increased financial transparency and intensified market skepticism. If it fails to tell a good growth story and validate its profitability path, this “well-capitalized” platform may struggle to maintain valuation expectations. In the eyes of institutional investors, who are still cautious about crypto assets, the IPO is merely an entry permit, not a guarantee of success.
Conclusion
The IPO of Bullish is not only a capital event but also an industry signal—IC0 projects that were once questioned are attempting to return to the mainstream market in a compliant manner. At the intersection of tightening regulations and a gradually warming market, the path chosen by Bullish is experimental and symbolic. Looking at the entire industry, from Circle to Gemini, a wave of crypto companies is knocking on the door of the capital market, forming a new wave of IPOs. However, to truly gain market recognition, Bullish must demonstrate growth potential and user appeal in its actual operations. For this former “fund container,” going public is just a new beginning.
