By: Louis, ChainCatcher
Edited by: Crypto Luo Xiaohei, ChainCatcher
On June 11, 2024, the Financial Times reported that crypto trading platform Bullish secretly filed for an Initial Public Offering (IPO) with the U.S. Securities and Exchange Commission (SEC). Three years prior, Bullish attempted a SPAC merger with Far Peak Acquisition Corp., which was ultimately shelved due to market volatility. Now, it seeks to re-enter capital markets through traditional avenues.
Incubated by Block.one—EOS’s parent company—Bullish boasts unique financial backing and represents a pivotal experiment in Web3 capital transformation. The IPO announcement coincides with Bitcoin surpassing $110,000 and Circle’s recent NYSE debut, propelling this low-profile exchange into the spotlight.
This article explores Bullish’s funding origins, founding motives, and strategic pivot, analyzing the deeper drivers behind its relaunch in today’s bullish market.
From ICO to IPO: Bullish’s Journey
According to RootData, Bullish is a centralized crypto exchange launched in 2021 by Block.one. It rapidly secured over $10 billion in cash and digital assets, including:
- 164,000 BTC from Block.one’s initial funding,
- $100 million in cash,
- 20 million EOS tokens.
These funds trace back to EOS’s record-breaking 2018 ICO, which raised $4 billion. However, EOS faced SEC penalties for unmet governance promises. Bullish emerged as Block.one’s bid for compliance and reputational rehabilitation.
By July 2021, Bullish announced a $9 billion SPAC merger with Far Peak, backed by BlackRock and Galaxy Digital. The deal collapsed in December 2022 amid SPAC market cooling and regulatory pressures, exposing Bullish’s user-acquisition struggles.
Why Relaunch the IPO Now?
1. Regulatory Tailwinds
- SEC’s 2025 Crypto Task Force signals policy easing.
- Stablecoin legislation advances, creating firmer ground for compliant platforms like Bullish.
👉 How regulatory shifts are reshaping crypto markets
2. Market Momentum
- 2025 Q1 saw 53 IPOs raising $8.5 billion (Renaissance Capital).
- Bitcoin ETF inflows hit $607 million daily (May 2025), with JPMorgan and Fidelity expanding crypto holdings.
3. Industry Precedents
- Circle’s 168% NYSE surge (June 2025, $18.3B valuation) validated crypto IPOs.
- Gemini’s June 6 filing reinforced the trend.
4. Bullish’s Capital Resilience
- Backed by Peter Thiel and institutional investors (BlackRock, Galaxy Digital).
- Holds Gibraltar/Hong Kong licenses, with Deloitte-audited asset segregation.
Can Bullish Compete?
Despite capital advantages, Bullish lags in:
- Brand recognition: Absent from CoinGecko’s top exchanges.
- Product breadth: Lacks NFT/staking features; derivatives limited to accredited investors.
- Trading volume: $1.6B daily (2024) vs. Binance ($20B) and Coinbase ($2.2B).
Post-IPO, Bullish must prove growth amid heightened scrutiny. Institutional investors view IPO as entry—not endorsement—without sustainable profitability.
FAQs
Q: How does Bullish differ from Coinbase/Binance?
A: Focuses on institutional liquidity vs. retail-centric features.
Q: What risks does Bullish face post-IPO?
A: Valuation sustainability and competition from established players.
Q: Why now for crypto IPOs?
A: Regulatory clarity + market recovery = investor appetite.
Conclusion
Bullish’s IPO symbolizes ICO-era projects maturing into regulated entities. Yet, success hinges on operational execution—not just capital pedigree. As Circle and Gemini blaze trails, Bullish must convert funding into tangible adoption to avoid becoming a cautionary tale.
Disclaimer: This content is informational only. Conduct independent research before investing.
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