Block.one, the software company behind the EOSIO protocol, has announced the formation of a new subsidiary, Bullish Global, which will launch a cryptocurrency exchange called Bullish with more than $10 billion in initial capital. The exchange is backed by a roster of high-profile investors including Peter Thiel, Alan Howard, Louis Bacon, Richard Li, Mike Novogratz, Christian Angermayer, and investment bank Nomura.
Bullish Global and the Bullish Exchange
Bullish Global is capitalized by Block.one with over $10 billion in cash and digital assets. It will operate as an independent entity focused on launching the Bullish exchange, which is described as combining the performance, user privacy, and compliance of centralized order book technology with the vertically integrated benefits of decentralized finance (DeFi). The company stated that the exchange will offer new automated market making, lending, and portfolio management tools, delivering functionality previously monopolized by incumbents in traditional finance while driving deeper liquidity to digital assets.
Massive Capital and Renowned Investors
The initial funding includes $100 million in cash, 164,000 Bitcoin, 20 million EOS, and a $300 million strategic investment round from Block.one. Leading investors in the capital raise include Thiel Capital and Founders Fund (Peter Thiel), Alan Howard, Louis Bacon, Richard Li, Christian Angermayer, Galaxy Digital (Mike Novogratz), and Nomura. Peter Thiel, Alan Howard, Richard Li, and Christian Angermayer will also serve as senior advisors to the company.
Exchange Features and Market Impact
Bullish will utilize EOSIO and the EOS public blockchain to generate a cryptographically validated, provable, and immutable audit trail of all transactions. Following the announcement, the price of EOS surged nearly 50% in 24 hours to $13.63 per coin. The exchange aims to democratize access to advanced financial tools previously available only to institutional players.