Bullish
Overall score 9.0SpotDerivatives
Bullish is a cryptocurrency exchange.
01
Proof of Reserves (PoR)
No proof-of-reserves data
03
Trading Pairs
Liquidity · Depth
| # | Pair | Type | Price | 24H change | 24H volume | Depth ±2%Cumulative order book depth within ±2% of mid price; higher means less slippage. | Funding ratePeriodic funding between longs and shorts to anchor perpetual price to spot; positive means longs pay shorts. |
|---|---|---|---|---|---|---|---|
| 1 |  BTC / USDCSpot | SPOT | $63,181 | +1.24% | $158.26M | -- | -- |
| 2 | BTC / USDCFutures · Perpetual | PERP | $67,837.25 | -0.26% | $72.22M | -- | 0.0000% |
| 3 |  USDT / USDCSpot | SPOT | $0.9983 | +0.02% | $37.42M | -- | -- |
| 4 |  ETH / USDCSpot | SPOT | $1,863.97 | +0.21% | $30.12M | -- | -- |
| 5 | BTC / USDSpot | SPOT | $63,275 | +1.24% | $28.88M | -- | -- |
| 6 | BTC / USDTSpot | SPOT | $63,237 | +1.24% | $23.03M | -- | -- |
| 7 |  XRP / RLUSDSpot | SPOT | $1.08 | +0.43% | $13.87M | -- | -- |
| 8 | ETH / USDCFutures · Perpetual | PERP | $2,033.38 | -0.85% | $13.69M | -- | 0.0000% |
| 9 |  SOL / USDCSpot | SPOT | $73.17 | +0.92% | $8.5M | -- | -- |
| 10 | ETH / USDSpot | SPOT | $1,866.76 | +0.21% | $5.86M | -- | -- |
04
Platform Token
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No data
05
Listings / Delistings
Track listingsNew listings (Top 8 performance)
First dayNo listing records
90D Listings--
Avg First-Day Gain0.00%
7D Positive Retention0.00%
Delistings / warnings
Liquidity removalsNo delisting records
90D Delistings0
Main Cause · Liquidity0.00%
Main Cause · Compliance0.00%
06
Regulatory Landscape
Global License MapGI
Gibraltar
DLT LicensedGibraltar Financial Services Commission DLT
It holds a license under Gibraltar’s GFSC DLT framework, offering spot and order book trading to institutional clients; it was originally incubated by block.one (the parent company of EOS).
EU
European Union
MiCA PendingApplying for MiCA CASP
Applying for EU CASP authorization under the MiCA framework.
US
United States
RestrictedInstitutions preferred · Retail restricted
Targeted primarily at institutional clients; U.S. retail users are restricted.
Global Licenses2GFSC DLT license + MiCA application in progress
Legal Countries20Primarily targeted at institutions and specific qualified investors
Restricted / Banned10Retail user access is restricted
Settlement Total--No significant settlement records available
07
Key Events Timeline
23 eventsOperations + MilestoneOperations
Bullish is tokenizing 151 million shares on Solana to tokenize the entire equity sheet
Bullish announced that it will transfer 151 million shares of equity to the Solana blockchain, completing the tokenization of its entire equity structure. This move marks the official on-chain placement of the company’s equity assets, enabling full tokenized management of equity based on the Solana network.
Operations
Bullish releases financial results for Q4 2025
The cryptocurrency trading platform Bullish officially released its financial performance report for the fourth quarter of 2025 on the recent date. This release covers the operational results and financial data for that specific fiscal quarter, disclosing to the market Bullish’s actual operating conditions during the previous quarter.
Operations
Bullish releases first-quarter 2026 results, with adjusted revenue of $92.8 million
Bullish Company has released its financial results for the first quarter of 2026. According to the disclosed information, the company’s adjusted revenue for that period reached $92.8 million. This figure reflects the financial performance of the company during the specified reporting period.
Milestone
Bullish Releases Q3 Financial Results: Digital Asset Sales Reach $41.6 Billion
Bullish released its third-quarter financial report, showing that digital asset sales for that quarter reached $41.6 billion. The report disclosed the company’s core business revenue performance during Q3.
Operations
Cathie Wood spent $12 million buying shares in the crypto trading platform Bullish
Well-known investor Cathie Wood invested $12 million in shares of the crypto trading platform Bullish. The specific amount involved and the target asset are clear, marking an institutional investment move in the crypto assets sector.
Milestone
ARK Invest increases holdings in Bullish; total exposure of three ETFs to cryptocurrencies exceeds $2.15 billion
ARK Invest announced an increase in its holdings of Bullish shares under Bibox, a move that marks further expansion of the total exposure of the three crypto ETFs managed by the company. With the continuous growth of its portfolio size, the total exposure to crypto-related assets has officially surpassed the $2.15 billion mark.
Operations
Bullish launches crypto options trading
The crypto trading platform Bullish has officially launched options trading services. This financial product allows investors to place directional bets on the price movements of digital assets. This move marks an expansion of its existing business scope, offering users a wider range of options for risk management and speculation.
Operations
Optimistic about adjusted revenue of $92.5 million in Q4 2025
Cryptocurrency trading platform Bullish released its adjusted financial results for the fourth quarter of 2025, with revenue reaching $92.5 million in that quarter. This figure reflects the platform’s overall revenue level and quarterly performance during the reporting period.
Operations
Crédit Suisse chooses Bullish Europe to launch its US dollar stablecoin USDCV
Crédit Agricole has decided to entrust Bullish Europe with the launch of its US dollar stablecoin product, USDCV. As the initial partner for this project, Bullish Europe will assist Crédit Agricole in carrying out the initial deployment of the stablecoin as well as providing related technical services.
Regulation
Bullish Obtains New York BitLicense, Set to Expand in U.S. Market
Bullish has officially obtained a BitLicense from New York’s Department of Financial Services. This move signifies that the company now has the legal authority to provide cryptocurrency-related services in New York State, allowing it to expand its market presence in North America and advance its compliant operations.
Milestone
Bullish’s German subsidiary has obtained a MiCAR license issued by the German Federal Financial Supervisory Authority
Bullish’s German subsidiary recently received a MiCAR license issued by the German Federal Financial Supervisory Authority. This is a positive response to the regulatory body’s reform efforts in the field of crypto assets, marking a new phase in compliant operations.
Operations
Bullish receives $1.15 billion in subscription funds from the IPO in the form of stablecoins
Bullish Exchange announced that it will accept $1.15 billion in funds raised from its initial public offering (IPO) in the form of stablecoins. This move marks the completion of a large-scale financing round, with the funds being retained in the form of cryptocurrency assets to address potential market fluctuations and future operational needs.
Operations
Bullish holds 24,000 bitcoins, 12,600 ethereums, and over $418 million in cash and stablecoins
Data shows that the cryptocurrency trading platform Bullish currently holds 24,000 Bitcoin coins and 12,600 Ethereum assets. Meanwhile, the platform also has more than $418 million in cash and stablecoins in reserve, giving a clear picture of the scale of its digital asset portfolio.
Milestone
Bulish enters the top five listed companies holding Bitcoin reserves
Thanks to its performance in the Bitcoin reserve sector, Bulish has successfully made it into the top five listed companies specializing in Bitcoin reserves. This achievement confirms the firm’s leading market position in cryptocurrency asset allocation and highlights its industry influence as a major issuer.
Milestone
Bullish raised $1.1 billion in its IPO
Bullish completed its initial public offering (IPO) and successfully raised $1.1 billion. This listing injected substantial funds into the project, marking a new phase in its development. The specific issuance price and share allocation details are not mentioned in the title, so they will not be discussed here.
Operations
Bullish opens new share subscription; the issuance range for BLSH is $28 to $31, with 20.3 million shares to be issued
Bullish Exchange officially opened new share subscriptions. The issuance price range for the BLSH tokens this time is set at $28 to $31, with a total issuance volume of 20.3 million shares planned.
Operations
Bullish submits IPO application
Bullish, a startup involved in cryptocurrency activities related to money laundering and regulatory non-compliance, has officially submitted an IPO application to the U.S. Securities and Exchange Commission. By pursuing this listing, the company aims to expand its funding options and increase its market visibility, thus embarking on a path to trading its shares on the stock market.
Operations
Digital asset sales in the first quarter of 2025 were $80.236 billion, resulting in a net loss of $348 million
In the first quarter of 2025, Bullish achieved digital asset sales revenue of $802.36 billion, but recorded a net loss of $348 million. The performance for that quarter was characterized by significant growth in revenue levels alongside a recorded loss; the specific financial details are based on data disclosed by the company.
Regulation
Bullish obtains a license for a virtual asset trading platform in Hong Kong
The cryptocurrency trading platform Bullish has recently obtained a virtual asset trading license issued by Hong Kong. The company now holds official regulatory approval, giving it the compliance qualifications to provide related virtual asset trading services in Hong Kong.
Operations
The adjusted EBITDA for 2024 is projected to be $52 million
According to the latest financial figures released by Bullish, its Adjusted EBITDA for 2024 reached $52 million. This figure reflects the company’s profitability for that year, without taking into account any other specific business details or external factors.
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