Bullish applies for IPO: An analysis of the capital restart journey of this "secret exchange"

Author: Louis, ChainCatcher

Editor: Crypto Luo Xiaohei, ChainCatcher

On June 11, 2024, according to the Financial Times, the cryptocurrency 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 planned to go public through a special purpose acquisition company (SPAC) by merging with Far Peak, but the plan was shelved due to market changes. Now, it has chosen the traditional route to knock on the door of the capital market once again.

As a platform incubated by Block.one, the parent company of EOS, Bullish has a unique capital background and is seen as an important experiment in the early capital transformation of Web3. The news of its IPO application comes at a time when Bitcoin prices have surpassed $110,000, and Circle has just gone public less than a week ago. Amidst a buoyant industry atmosphere and multiple factors converging, this low-profile exchange is back in the spotlight.

This article will guide readers through the development trajectory 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 Restarting the Listing: A Review of Bullish's Journey

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 time of its establishment, it secured over $10 billion in cash and digital asset support, including 164,000 Bitcoins from Block.one's first round of investment, $100 million in cash, and 20 million EOS tokens.

Its funding originated from the historic ICO of the EOS project in 2018, which raised over $4 billion. However, due to governance chaos and slow progress, the EOS Foundation has long been criticized for "failing to deliver on promises," ultimately leading to penalties from the SEC. The creation of Bullish is seen as an important attempt by Block.one to transition towards a "compliant exchange" and an effort to rebuild market trust amidst negative reputations.

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

However, as the SPAC craze waned, regulatory tightening in the cryptocurrency industry, and rising macroeconomic pressures hindered the transaction's progress. On December 22, 2022, both parties announced their mutual agreement to terminate the merger agreement, and Far Peak subsequently entered liquidation. This setback marked another capital attempt blocked after Block.one's ICO in 2018. For Bullish, not only did the high valuation financing fall through, but it also exposed structural challenges between its user base and compliance adaptation, gradually fading from public view.

Why is Bullish Restarting Its IPO After Nearly 3 Years of Silence?

1. Improved Policy Environment:

Since the Trump administration took office, the regulatory environment for the U.S. cryptocurrency market has significantly shifted towards leniency. In January 2025, the SEC established a Crypto Task Force, marking a positive change in regulatory attitude. At the same time, the SEC has paused or withdrawn several enforcement actions against cryptocurrency companies. As stablecoin legislation and strategic reserve-related legislation gradually advance, platforms like Bullish with clear compliance paths have gained more room for development and expansion confidence, bringing a "clear skies" moment to the cryptocurrency market.

2. Market Enthusiasm and Attention from Mainstream Capital:

According to Renaissance Capital, in the first quarter of 2025, 53 companies completed IPOs, raising a total of about $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 strong market interest in such products. Traditional financial institutions like JPMorgan, Fidelity, and Citigroup are actively positioning themselves, with Goldman Sachs increasing its Bitcoin ETF reserves to over $1.5 billion in the fourth quarter of 2024, making cryptocurrency 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 obtaining a fertile ground composed of liquidity and attention.

3. Demonstration Effect from Peers:

On June 5, 2025, stablecoin issuer Circle successfully listed on the New York Stock Exchange, with its stock price soaring 168% on the first day, pushing its market value above $18.3 billion, validating the feasibility of cryptocurrency companies going public in the current environment and sparking widespread market attention. Following this, cryptocurrency exchange Gemini submitted its IPO application on June 6, providing a practical reference for similar platforms. For Bullish, not only is there a precedent to follow, but there are also peers leading the way.

For more IPO-related content, read: U.S. Cryptocurrency Companies Entering a Frenzy: Mergers, IPOs, and the Tokenization Boom and Amber Lists on Nasdaq, Over 10 Companies Queue for IPO, Kicking Off the "IPO" Year for Crypto

4. Solid Capital Foundation:

In addition to the strong capital strength of its parent company Block.one, Bullish secured 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 a solid capital guarantee for its subsequent IPO restart. In terms of compliance, Bullish has obtained operational licenses in Gibraltar and Hong Kong, implemented customer asset segregation mechanisms, and conducted regular audits by Deloitte, establishing a relatively solid compliance foundation in the context of increasingly stringent 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.

With the right timing, favorable conditions, and human factors in place, Bullish has chosen to set off again: a market recovery, regulatory easing, precedents to follow, and a solid foundation to support it. This IPO restart is not just a capital move but also a bold attempt to expand its presence in the cryptocurrency landscape after three years of silence.

Can Bullish Withstand the Test of the Market and Time?

Although Bullish has a strong starting advantage in capital structure and compliance framework, its actual performance in the market over the past few years has not met investor expectations. Compared to cryptocurrency giants like Coinbase and Binance, Bullish has limited brand recognition; it has never appeared on various "most trusted" or "traffic-leading" lists in mainstream cryptocurrency exchange rankings like Cointelegraph, reflecting that it has not yet entered the core category of industry authoritative evaluation systems.

Its official website product introduction only covers basic functions such as spot trading, automated market-making (AMM), margin, and contract matching, with no innovative modules closer to the retail market, such as NFTs or token staking. Additionally, derivative services are limited to qualified professional investors in specific regions. Meanwhile, Bullish has yet to establish substantial connections with popular narratives in the on-chain ecosystem, undoubtedly setting up a "wall" for its own growth.

According to data from CoinGecko and Bullish's official website, by the end of 2024, the platform's average daily trading volume was about $1.6 billion, while Binance and Coinbase had average daily trading volumes of approximately $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 cannot tell a compelling growth story and validate its profitability path, this "capital-solid" platform may struggle to maintain valuation expectations. In the eyes of institutional investors who remain cautious about cryptocurrency assets, an IPO is merely an entry permit, not a guarantee of success.

Conclusion

Bullish's IPO is not only a capital event but also an industry signal—once-questioned ICO projects 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 both experimental and symbolic. Looking at the entire industry, from Circle to Gemini, a wave of cryptocurrency 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 capability and user attraction in its actual operations. For this once "capital container," going public is just a new beginning.