The Rise of Bullish: A High-Profile Entry into Crypto Trading
While Bullish may not be a household name in the competitive centralized exchange (CEX) landscape, its origins are anything but ordinary. The platform emerged from Block.one, the company behind EOS, which raised a record-breaking $4.2 billion in its 2018 ICO.
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Launching with Unprecedented Resources
When Bullish debuted in July 2021, it arrived with extraordinary financial backing:
– $100 million cash from Block.one
– 164,000 BTC (worth ~$9.7 billion at launch)
– 20 million EOS tokens
– Additional $300 million from high-profile investors including:
– PayPal co-founder Peter Thiel
– Hedge fund manager Alan Howard
– Crypto investor Mike Novogratz
This gave Bullish an initial asset base exceeding $100 billion—a war chest that dwarfed most competitors.
Compliance as Core Strategy
The Road to Public Listing
Bullish’s leadership team reflects its institutional ambitions:
– CEO Thomas Farley: Former NYSE president with deep Wall Street connections
– Regulatory Approach:
– Prioritized USDC over USDT for trading pairs
– Secured Hong Kong’s Type 1 and 7 licenses
– Obtained BaFin approval for German operations
Failed SPAC and Pivot to Asia
The exchange’s initial plan for a $9 billion SPAC merger collapsed in 2022 amid tightening U.S. regulations. This forced Bullish to:
1. Abandon U.S. listing ambitions temporarily
2. Expand aggressively in Hong Kong and Europe
3. Build a 260-person team with majority based in Asia
The Fractured Relationship with EOS
From Golden Child to Abandoned Project
EOS once promised to be an “Ethereum killer” with its:
– Million TPS claims
– Zero-fee transactions
– $4.2 billion ICO record
Yet technical shortcomings and mismanagement led to:
– Complex staking requirements
– Node centralization issues
– Minimal developer funding despite promises
The Final Breakup
The launch of Bullish became the breaking point:
– 2021: EOS Foundation removes Block.one from governance
– 2022: Legal battles over ICO fund usage begin
– 2023: Community proposes hard fork to isolate assets
– 2025: EOS rebrands as Vaulta to distance itself
Block.one’s Controversial Treasury Management
The $4.2 Billion Question
Block.one’s asset allocation sparked outrage:
| Asset Class | Allocation | Current Value (Est.) |
|——————–|——————|———————-|
| U.S. Treasury Bonds | $2.2 billion | $2.2 billion |
| Bitcoin Holdings | 164,000 BTC | ~$17.5 billion |
| Other Investments | $0.6 billion | Varies |
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Bitcoin’s Windfall
The company’s BTC stash—now worth over 4x the original ICO amount—makes Block.one:
– The largest corporate Bitcoin holder
– More BTC than Tether’s reserves
– A case study in crypto capital preservation
FAQs About Bullish and EOS
Q: Why did EOS community turn against Block.one?
A: The community felt betrayed when Block.one diverted resources from EOS development to launch Bullish without acknowledging its roots.
Q: What makes Bullish different from other exchanges?
A: Its focus on regulatory compliance, institutional-grade infrastructure, and preference for USDC over USDT sets it apart.
Q: How successful has Bullish been since launch?
A: While not a top-volume exchange, it’s become a major USDC trading hub with significant Asian and European presence.
Q: What happened to the $4.2 billion EOS ICO funds?
A: Block.one allocated most to low-risk assets (bonds) and Bitcoin, with minimal spent on actual EOS development.
Q: Can EOS recover from this history?
A: The 2025 rebrand to Vaulta represents a fresh start focusing on Web3 banking services.
Q: Why is Bullish prioritizing USDC?
A: USDC’s compliance with regulators aligns with Bullish’s institutional strategy, unlike USDT’s ongoing regulatory challenges.
The Institutional Crypto Playbook
Bullish represents a new model in digital assets—one that prioritizes:
1. Regulatory alignment over pure decentralization
2. Traditional finance bridges rather than crypto-native features
3. Asset preservation through conservative treasury management
This approach has drawn both admiration for its pragmatism and criticism for abandoning crypto’s founding ideals. Yet as Bullish moves toward its IPO, it may prove that in today’s market environment, compliance and connections matter more than ideological purity.
The platform’s future now hinges on:
– Successful navigation of global regulations
– Ability to attract institutional liquidity
– Managing the ongoing reputational challenges from the EOS fallout
One lesson emerges clearly: In crypto’s evolution, the winners aren’t always the most technologically advanced, but often those who best understand regulatory realities and capital preservation.
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