{{Short description|Caymanian cryptocurrency exchange}} {{About|the cryptocurrency exchange|the financial expression|market sentiment|the album by Herb Alpert|Bullish (album)}} {{Use mdy dates|date=November 2025}} {{Infobox company | name = Bullish | logo = Bullish logo (2025).svg | type = Public | traded_as = {{ubl|{{NYSE|BLSH}}}} | founded = {{Start date and age|2020}} | founders = Brendan Blumer | hq_location = George Town, Cayman Islands | key_people = {{nowrap|Thomas W. Farley, Chair & CEO<br>David W. Bonanno, CFO}} | industry = Cryptocurrency | products = Cryptocurrency exchange | net_income = {{decrease}} −US$785 million (2025) | assets = {{increase}} US$3.956 billion (2025) | equity = {{increase}} US$3.216 billion (2025) | owner = Brendan Blumer (25.89%)<BR>Kokuei Yuan (24.09%)<BR>Thomas W. Farley (3.45%)<BR>Andrew C. Bliss (3.34%)<BR>David W. Bonanno (1.23%) | num_employees = 414 (2025) | subsidiaries = CoinDesk | website = {{URL|bullish.com}} | footnotes = <ref name=20F>{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001872195/000143774926007417/blsh20251231_20f.htm | title=Bullish Form 20-F 2025 Annual Report | publisher=United States Securities and Exchange Commission | date=March 10, 2026}}</ref> }}
'''Bullish''' is a Caymanian cryptocurrency exchange and blockchain technology company headquartered in George Town, Cayman Islands.<ref name=20F/> The company provides infrastructure and services for the trading of digital assets through the Bullish Exchange platform, which is licensed in Germany, Hong Kong, Gibraltar, and New York State.
==History== Bullish was founded in 2020 in Hong Kong by Brendan Blumer, who had previously launched Block.one.<ref name=scraps/> It began its operations in May 2021.<ref name=scraps/> The company was initially seeded by Block.one with 164,000 Bitcoins valued at around {{US$|9.7 billion}}, {{US$|100 million}} in cash, and 20 million EOS.IO tokens. It also raised {{US$|300 million}} from investors including Peter Thiel, Alan Howard, Louis Bacon, Christian Angermayer, and Richard Li.<ref>{{Cite news | url=https://fortune.com/2021/05/12/bullish-exchange-peter-thiel-richard-li-alan-howard/ | title=Peter Thiel, Alan Howard, Richard Li invest in new crypto exchange Bullish | first=Eyk | last=Henning | agency=Bloomberg News | work=Fortune | date=May 12, 2021}}</ref>
Bullish was incorporated in the Cayman Islands on June 22, 2021.<ref name=F1>{{cite web | url=https://www.sec.gov/Archives/edgar/data/1872195/000110465925069070/tm2421409-15_f1.htm#tSUM | title=Bullish Form F-1 | publisher=U.S. Securities and Exchange Commission | date=July 18, 2025}}</ref>
In 2021, Bullish announced plans to become a public company through a {{US$|9 billion}} merger with a special-purpose acquisition company (SPAC); however, the deal was canceled in December 2022 after the SPAC was unable to secure the necessary approvals.<ref name=scraps>{{cite news | url=https://www.bloomberg.com/news/articles/2022-12-22/thiel-backed-bullish-and-far-peak-spac-deal-once-worth-9-billion-scuttled | title=Thiel-Backed Bullish Scraps Crypto SPAC Deal Set at $9 Billion | first=Joanna | last=Ossinger | work=Bloomberg News | date=December 22, 2022 | url-access=subscription}}</ref>
In November 2023, the company acquired ''CoinDesk'' for approximately {{US$|75 million}}.<ref>{{Cite news | url=https://finance.yahoo.com/news/bullish-paid-close-75-million-170506197.html | title=Bullish paid close to $75 million to acquire CoinDesk. Here’s what we know about the company and its plans for crypto media | first=Leo | last=Schwartz | agency=Fortune | via=Yahoo Finance | date=February 13, 2024}}</ref>
In August 2025, Bullish became a public company via an initial public offering (IPO), raising {{US$|1.1 billion}}.<ref>{{Cite news | url=https://www.wsj.com/finance/stocks/bullish-ipo-blsh-stock-5815d8c1 | title=Bullish’s Stock Soars in Latest Test for IPO Market | first1=Corrie | last1=Driebusch | first2=Vicky | last2=Huang | work=The Wall Street Journal | date=August 13, 2025}}</ref>
In May 2026, Bullish agreed to acquire transfer agent Equiniti from Siris Capital for $4.2 billion, including $1.85 billion of assumed debt and $2.35 billion in Bullish stock.<ref>{{cite news |title=Crypto Exchange Bullish Strikes $4.2 Billion Deal for Transfer Agent in Tokenization Push |url=https://www.wsj.com/finance/currencies/crypto-exchange-bullish-strikes-4-2-billion-deal-for-transfer-agent-in-tokenization-push-4af8f41f |last=Huang |first=Vicky Ge | work=The Wall Street Journal|date=5 May 2026 | url-access=subscription}}</ref><ref>{{cite news |url=https://www.cnbc.com/2026/05/05/crypto-exchange-bullish-to-buy-equiniti.html |title=Crypto exchange Bullish to buy Equiniti for $4.2 billion in capital markets push | agency=Reuters | work=CNBC |date=5 May 2026}}</ref>
==See also== {{Portal|Business}} * List of bitcoin companies
==References== {{Reflist}}
==External links== * {{Official website|https://www.bullish.com}}
{{Finance links | name = Bullish | google = BLSH | reuters = BLSH | sec_cik = BLSH | yahoo = BLSH }}
{{Cryptocurrency exchanges}} {{Authority control}}
Category:2020s establishments in the Cayman Islands Category:2025 initial public offerings Category:Bitcoin exchanges Category:Companies listed on the New York Stock Exchange Category:Companies of the Cayman Islands Category:Cryptocurrency exchanges