Draft:Bullish (company)
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Comment: There are some not good crypto news websites; sources mainly cite others (e.g., "CEO said," "company announced," "Peter Thiel made...") or are rewritten press releases. Cinder painter (talk) 14:27, 11 February 2025 (UTC)
Bullish is a crypto-currency exchange launched in 2021 by Block.one,[1] a blockchain software company backed by Peter Thiel, Alan Howard (hedge fund manager), and Louis Bacon.
Funding
[edit]Bullish was initially funded by Block.one with about $10 billion digital assets and cash. Other investors included in Bullish's initial funding round included Richard Li, German investor Christian Angermayer, Galaxy Digital, Nomura Holdings,[2] Founders Fund, and Louis Bacon.[3]
History
[edit]Bullish was founded in May 2021 by Block.one. In July 2021, Forbes reported that Bullish would make an initial public offering through a $9 billion merger with Far Peak Acquisition Company, and that the company was projected to have a $9 billion value equity value at $10 a share even though the company did not yet have a working product.[4]
Bullish officially began operations in November 2021 for a batch of institutional investors with offerings including Bitcoin, Ether, EOS tokens and USD coins. Virtu Financial and crypto-financing firm Amber Group were among the first clients operating on the exchange.[5]
In a June 2022 investor update Bullish reported an average daily trading volume of $857 million, but by December 2022 Bullish called off plans to go public, citing the "SEC's ongoing work to lay new digital asset frameworks and clarify industry-specific disclosure and accounting complexities."[6]
In May 2023 Bullish claimed a total daily trading volume of over $200 billion and opened a partnership with the UK-located trading platform B2C2.[7]
Bullish purchased crypto news site CoinDesk in November 2023[8] for an undisclosed amount, though Forbes reported in February 2024 that the deal was between $70 and $80 million.[9] Bullish restructured CoinDesk's leadership team between February and March 2024,[10] replacing CoinDesk CEO Kevin Worth with Sara Stratoberdha.
By February 2025 Bullish said it had 275 employees with offices in the US, Hong Kong, Singapore, Gibraltar and the Cayman Islands and announced that it would again consider an initial public offering.[11]
References
[edit]- ^ Henning,Bloomberg, Eyk. "Peter Thiel, Alan Howard, Richard Li invest in new crypto exchange Bullish". Fortune. Retrieved 2025-02-11.
- ^ Henning,Bloomberg, Eyk. "Peter Thiel, Alan Howard, Richard Li invest in new crypto exchange Bullish". Fortune. Retrieved 2025-02-11.
- ^ Stafford, Philip (2021-07-09). "Thiel-backed crypto group Bullish Global plans Wall Street debut". Financial Times. Retrieved 2025-02-11.
- ^ Mason, Emily. "Billionaires Peter Thiel And Mike Novogratz Will Take Their Crypto Exchange Idea Public Via $9 Billion Thomas Farley SPAC". Forbes. Retrieved 2025-02-11.
- ^ Olsen, Robert. "Crypto Exchange Backed By Peter Thiel And Richard Li Goes Live For Institutional Clients". Forbes. Retrieved 2025-02-11.
- ^ "Peter Thiel-Backed Crypto Exchange Bullish Calls Off SPAC Deal". CoinDesk. Retrieved 2025-02-11.
- ^ Gladwin, Decrypt / Ryan S. (2023-05-02). "Peter Thiel-backed Crypto Exchange Bullish Inks Trading Deal With B2C2". Decrypt. Retrieved 2025-02-11.
- ^ Huang, Vicky Ge. "WSJ News Exclusive | Company Led by Former NYSE President Buys Crypto News Site CoinDesk". WSJ. Retrieved 2025-02-11.
- ^ Schwartz, Leo. "Bullish paid close to $75 million to acquire CoinDesk. Here's what we know about the company and its plans for crypto media". Fortune Crypto. Retrieved 2025-02-11.
- ^ "CoinDesk's New Owner Bullish Replaces CEO in Restructuring". CoinDesk. Retrieved 2025-02-11.
- ^ Gillespie, Todd (February 4, 2025). "Peter Thiel-Backed Crypto Firm Weighs IPO". Bloomberg. Archived from the original on February 11, 2025. Retrieved February 11, 2025.