In the ever-evolving world of cryptocurrency, few stories capture the tension between idealism and pragmatism as vividly as that of Bullish—a digital asset exchange born from the ashes of the once-hyped EOS ecosystem. Backed by one of the largest ICOs in history and now aiming for a regulated future, Bullish represents a bold pivot from blockchain idealism to Wall Street ambition.
This is the story of how a company built on promises to decentralize finance turned into one of the most well-funded, compliance-focused exchanges in the industry—while leaving behind a fractured community and a legacy of broken trust.
The Genesis: EOS and the $4.2 Billion Windfall
The journey begins in 2017, during the golden era of initial coin offerings. Block.one, the company behind EOS, launched a whitepaper promising a high-performance blockchain capable of handling millions of transactions per second with zero fees. The vision was audacious: dethrone Ethereum and become the backbone of Web3.
Investors responded enthusiastically. Over the course of a year, Block.one raised a staggering $4.2 billion through its ICO—still the largest in crypto history. At the time, there was genuine belief that this capital would be used to build out EOS’s infrastructure, fund developer grants, and foster a thriving decentralized ecosystem.
But reality took a different turn.
Instead of pouring resources into EOS development, Block.one began allocating funds toward low-risk, high-return investments. By early 2019, co-founder BM revealed that $2.2 billion had already been invested in U.S. Treasury bonds. Another major move? Accumulating 164,000 Bitcoin, purchased at an average cost far below market value today.
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These decisions weren't just conservative—they were prescient. Today, those 164,000 BTC are worth over $17.5 billion, turning Block.one into one of the most financially powerful entities in crypto—despite EOS’s dwindling relevance.
The Pivot: Launching Bullish with a Wall Street Vision
In July 2021, Block.one unveiled Bullish Global, a new centralized exchange designed not for retail traders, but for institutional players seeking a regulated gateway into digital assets.
From day one, Bullish made its priorities clear: compliance over decentralization, transparency over ideology. The platform launched with over $10 billion in assets, including:
- $1 billion in cash
- 164,000 BTC
- 20 million EOS tokens
- $300 million in external funding from heavyweight investors like Peter Thiel, Alan Howard, and Mike Novogratz
Unlike typical crypto startups scrambling for legitimacy, Bullish entered the scene already rich—and determined to stay compliant.
Its leadership reflected this strategy. Thomas Farley, former COO and President of the New York Stock Exchange, was appointed CEO. His deep ties to traditional finance and regulatory bodies signaled Bullish’s intent: to become the first major crypto exchange to go public via traditional markets.
Regulatory Strategy: Chasing Legitimacy Across Jurisdictions
Bullish’s pursuit of regulatory approval has been both aggressive and strategic.
After an initial plan to merge with SPAC Far Peak Acquisition fell through in 2022 due to tightening U.S. regulations, Bullish shifted focus to Asia and Europe:
- Hong Kong: Secured Type 1 (securities trading) and Type 7 (automated trading services) licenses from the SFC, along with a full Virtual Asset Trading Platform (VATP) license.
- Germany: Obtained operating permission from BaFin for crypto trading and custody services.
- Global Presence: With around 260 employees, more than half based in Hong Kong, and teams in Singapore, the U.S., and Gibraltar.
This multi-jurisdictional approach reflects a broader trend: as U.S. regulators tighten oversight, compliant exchanges are looking overseas to grow.
Why USDC Over USDT?
One of Bullish’s most telling choices is its preference for Circle’s USDC over Tether’s USDT—the dominant stablecoin by market cap.
On Bullish, USDC pairs dominate trading volume. This isn’t accidental. USDC is fully backed, audited monthly, and issued by a company actively pursuing regulatory clarity. In contrast, USDT has faced ongoing scrutiny from the SEC over reserve transparency.
With Circle successfully listing on the NYSE in 2024 and dubbed the “first stablecoin IPO,” its market credibility soared. According to Kaiko data, USDC trading volume on centralized exchanges hit **$38 billion in March 2024**, up from a monthly average of $8 billion in 2023.
Bullish and Bybit together accounted for nearly 60% of that volume—proving that regulatory alignment can translate directly into market share.
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The Fallout: EOS Community Betrayal and Rebranding
For many in the EOS community, Bullish isn’t just another exchange—it’s a symbol of betrayal.
EOS was built on promises: $1 billion dedicated to ecosystem growth, open governance, and technological revolution. Instead, Block.one funneled resources into Bitcoin and bonds while offering minimal support to developers.
When Bullish launched—with no technical connection to EOS, no native token integration, and no acknowledgment of its roots—the community felt abandoned.
The backlash was swift:
- In late 2021, nodes led by the EOS Network Foundation (ENF) removed Block.one from governance control.
- Legal disputes erupted over fund ownership.
- By 2023, discussions emerged about hard-forking to exclude Block.one assets entirely.
Even today, Block.one retains control over much of the original capital—a sore point for long-time supporters.
In 2025, seeking to break free from past associations, EOS rebranded to Vaulta, shifting focus toward Web3 banking and renaming its token from EOS to A. It was a symbolic reset—a clean break from the Block.one era.
FAQ: Understanding Bullish and Its Impact
Q: Is Bullish related to EOS technically?
A: No. Despite being founded by Block.one, Bullish uses its own proprietary technology and does not rely on EOSIO or any part of the EOS blockchain.
Q: Why did Bullish fail to go public earlier?
A: Its original SPAC merger with Far Peak collapsed in 2022 amid increasing regulatory pressure on crypto firms in the U.S., forcing Bullish to explore alternative listing strategies.
Q: Who owns Bullish?
A: Bullish is primarily owned by Block.one’s founders and early investors. While specific equity breakdowns aren’t public, major stakeholders include Peter Thiel, Alan Howard, and Mike Novogratz.
Q: How does Bullish make money?
A: Through trading fees, custody services, and institutional solutions. Its large Bitcoin holdings also serve as a long-term value reserve.
Q: Can U.S. users access Bullish?
A: Not currently. Due to regulatory restrictions, Bullish operates primarily in Hong Kong, Europe, and other compliant jurisdictions.
Q: Is Bullish decentralized?
A: No. It is a fully centralized exchange focused on regulatory compliance and institutional adoption—not decentralization or community governance.
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Conclusion: Pragmatism Over Idealism
Bullish’s rise tells a deeper story about the maturation of crypto. The era of wild promises and unchecked growth is fading. In its place emerges a new breed of platform—one built not on hype, but on balance sheets, compliance teams, and global licensing.
It may lack the revolutionary spirit of early blockchain projects, but Bullish exemplifies what success looks like in today’s climate: strategic asset management, regulatory foresight, and institutional credibility.
Whether you see it as visionary or cynical depends on your view of crypto’s purpose. But one thing is certain: in the race to build sustainable financial infrastructure, compliance might just be the ultimate competitive advantage.