Bullish Applies for IPO: An article on the path to a capital restart for this "hidden exchange".

Author: Louis, ChainCatcher

Editor: Crypto Luo Xiaohei, ChainCatcher

On June 11, 2024, according to the Financial Times, crypto trading platform Bullish has secretly submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC). Three years ago, Bullish had planned to merge with Far Peak through a special purpose acquisition company (SPAC), but it was eventually stranded due to market changes. Now it has changed to the traditional path and knocked on the door of the capital market again.

As a platform incubated by EOS's parent company Block.one, Bullish has a unique capital background and is also regarded as an important experiment in the early stage of Web3 capital transformation. The IPO application comes as the price of Bitcoin exceeded $110,000 and Circle was listed less than a week ago. Under the high atmosphere of the industry and the superposition of multiple factors, this long-low-key exchange has once again stood in the spotlight.

This article will lead readers to sort out the development context of this platform from the perspectives of funding sources, founding motivation and development path, and explore the deep motivations behind Bullish's re-listing in the current industry environment.

From IC0 to restart, review Bullish's future According

to RootData data, Bullish is powered by EOS The software development company behind the project Block.one, a centralised cryptocurrency exchange launched in 2021. In its short period of inception, it has received over $10 billion in cash and digital asset backing, including 164,000 Bitcoin, $100 million in cash, and 20 million EOS tokens from Block.one's initial round of funding.

Its funding stems from the historic IC0 conducted by the EOS project in 2018, which has raised over $4 billion. However, due to governance chaos and slow progress, the EOS Foundation has long been questioned for "failing to deliver on its promises" and was eventually punished by the SEC. The creation of Bullish is seen as an important attempt by Block.one to transform into a "compliant exchange" and the company's efforts to rebuild market trust amid a negative reputation.

In July 2021, just two months after its founding, Bullish announced its intention to go public through a merger with SPAC Far Peak Acquisition Corp. The deal has attracted market attention due to its valuation of up to $9 billion, and plans to raise about $900 million through PIPE financing, with support from well-known institutions including BlackRock and Galaxy Digital.

However, as the SPAC boom wanes, regulations tighten in the crypto industry, and macroeconomic pressures rise, deals are hindered. On December 22, 2022, the two parties announced that they had "mutually agreed to terminate the merger agreement", and Far Peak subsequently entered liquidation proceedings. This setback also marks another blockage in Block.one's capital attempt after IC0 in 2018. For Bullish, not only did the high-valuation financing fail, but it also exposed its structural problems between its user base and compliance adaptation, and gradually faded out of the public eye.

After nearly 3 years of silence, why did Bullish restart its IPO?

1. Improved policy environment:

Since the Trump administration took office, the regulatory environment in the US crypto market has shifted significantly to easing. In January 2025, the U.S. Securities and Exchange Commission (SEC) established the Crypto Task Force, marking a positive shift in regulatory attitudes. At the same time, the SEC has suspended or revoked several enforcement actions against crypto businesses. With the gradual advancement of the Stablecoin Act and strategic reserve-related legislation, platforms like Bullish with clear compliance paths have also gained more room for development and confidence in expansion, bringing a "rain and sunshine" to the crypto market.

2. The market is hot and has attracted the attention of mainstream funds:

According to Renaissance Capital data, In the first quarter of 2025, a total of 53 companies completed their IPOs, raising a total of about US$8.5 billion, a significant increase from the same period last year. As of May 21, 2025, Bitcoin ETFs had a single-day net inflow of $607 million, indicating strong market interest in this type of product. Traditional financial institutions such as JPMorgan, Fidelity, and Citigroup have deployed with multiple industries, and Goldman Sachs also increased its Bitcoin ETF reserves to more than $1.5 billion in the fourth quarter of 2024, making crypto assets the focus of capital again. In this context, Bullish chose to "low debugging water", stepped on the rhythm of market recovery, and naturally obtained high-quality soil composed of liquidity and attention.

3. Interbank demonstration effect:

June 5, 2025, stablecoin issuer Circle's successful landing on the New York Stock Exchange surged 168% on the first day, with a market capitalisation exceeding $18.3 billion, verifying the feasibility of listing crypto companies in the current environment and stimulating widespread attention in the market. Following suit, crypto exchange Gemini submitted an IPO application on June 6, providing a realistic reference for similar platforms. For Bullish, there are not only precedents to follow, but also peers to lead.

More IPO-related content read: U.S. crypto companies enter the age of a frenzy: M&A, IPO and tokenization boom with Amber Landing on Nasdaq, more than 10 companies queuing up to list, crypto "IPO" first year opens

4. Solid capital foundation:

In addition to the strong capital strength of the parent company Block.one, it has been there for a long time In 2021, Bullish acquired a private equity financing (PIPE) that included BlackRock, Cryptology Asset Group, and Galaxy Digital The support of a number of well-known investment institutions has provided a solid capital guarantee for its subsequent resumption of IPO. In terms of compliance, Bullish has obtained operating licenses in Gibraltar and Hong Kong, and has implemented customer asset segregation mechanisms and regular audits conducted by Deloitte, building a relatively solid compliance foundation in the context of tighter global regulations.

One of its main investors, billionaire Peter Thiel, has also publicly stated that he always sees Bullish as an important part of the cryptocurrency revolution.

In the context of "the right time, place and people", Bullish chose to set off again: the market is picking up, supervision is loose, there are demonstrators of the way forward, and there is its own deep foundation support. This restart of the IPO is not only a capital action, but also a bold attempt to expand the crypto territory after three years of silence.

Can Bullish stand the test of the market and time?

While Bullish has a good starting edge in terms of capital structure and compliance framework, its actual performance in the market has consistently fallen short of investor expectations over the past few years. Compared to crypto giants such as Coinbase and Binance, Bullish has limited brand recognition, and in the "mainstream crypto exchange rankings" such as Coin telegraph, Bullish is the best It has never appeared in various categories The "most trusted" or "traffic leading" list reflects that it has not yet entered the core category of the industry's authoritative evaluation system.

Its official website product introduction only covers basic functions such as spot trading, automated market making mechanism (AMM), margin and contract matching, and does not see innovative modules closer to the retail market such as NFT and token staking, and derivatives services are only available to qualified professional investors in specific regions. At the same time, Bullish has so far failed to establish a substantial linkage with the popular narratives in the on-chain ecosystem, which undoubtedly sets up a "wall" for its own growth.

According to data from CoinGecko and Bullish's official websites, as of the end of 2024, the platform's average daily trading volume was about $1.6 billion, while the average daily trading volume of Binance and Coinbase was about $1.6 billion during the same period The gap between $20 billion and $2.2 billion is obvious.

After listing, Bullish will also face the dual pressure of improving financial transparency and increasing market doubts. If it cannot tell a good growth story and verify the profit path, this "solid capital" platform may struggle to maintain valuation expectations. In the eyes of institutional investors who are still cautious about crypto assets, IPOs are just a permission to enter the market, not a guarantee of success.

Conclusion

Bullish's IPO is not only a capital event, but also an industry signal that the once questioned IC0 project is trying to return to the mainstream market with a compliant attitude. At the intersection of tighter regulation and the gradual recovery of the market, Bullish's path is experimental and symbolic. Looking at the entire industry, from Circle to Gemini, a wave of crypto companies are knocking on the door of the capital market one after another, forming a new wave of listings. But to truly gain market recognition, Bullish must demonstrate growth capabilities and user appeal in its operations. For this former "money container", going public is just a new beginning.