Bullish: From EOS Fortune to Bitcoin Bet and the Push for a Compliant Crypto Exchange

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In the fast-moving world of cryptocurrency, few stories blend ambition, controversy, and strategic reinvention quite like that of Bullish. Born from the ashes of the once-hyped EOS ecosystem, Bullish has emerged not as a revolutionary blockchain project, but as a meticulously crafted, regulation-first digital asset exchange aiming for Wall Street legitimacy.

Backed by a war chest built on one of crypto’s largest ICOs and a massive early bet on Bitcoin, Bullish represents a new breed of crypto-native entities—ones that prioritize compliance, institutional adoption, and long-term sustainability over decentralized idealism.

The EOS Legacy: A $4.2 Billion Launchpad

The story begins in 2017, when EOS, promoted as the "Ethereum killer," captured global attention with its promise of high-speed transactions and zero fees. Its parent company, Block.one, raised a staggering $4.2 billion through a year-long ICO—the largest in crypto history at the time.

This capital was meant to fuel a decentralized future. Instead, much of it was deployed conservatively:

While developers struggled for grants, Block.one quietly amassed one of the largest private Bitcoin holdings in the world—surpassing even Tether. This financial discipline laid the foundation for what would become Bullish.

👉 Discover how early Bitcoin accumulation is shaping today’s most powerful crypto players.

Birth of Bullish: A Pivot to Compliance

In 2021, Block.one launched Bullish, a centralized cryptocurrency exchange designed from the ground up to meet institutional and regulatory standards. Unlike its predecessor EOS, which championed decentralization, Bullish embraced centralization—with compliance as its core value proposition.

Initial capital included:

With over $10 billion in assets under management at launch, Bullish wasn't just well-funded—it was built to survive regulatory scrutiny and scale globally.

Why Compliance Matters: The Circle vs. Tether Divide

Bullish made a clear ideological choice early on: align with Circle and USDC, not Tether or USDT.

On the platform, USDC-dominated trading pairs dominate volume rankings. This preference reflects more than market trends—it signals a deliberate stance toward transparency and regulatory alignment.

As USDC-backed Circle successfully went public in 2024, surging 168% on its first day and raising $1.1 billion, it cemented USDC’s status as the “stablecoin of record” for compliant platforms. Meanwhile, Tether continues to face ongoing SEC investigations.

According to Kaiko data, USDC trading volume on CEXs 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 this surge**, positioning Bullish as a key player in the shift toward regulated stablecoin usage.

Global Licensing Strategy: Building a Regulatory Moat

After an initial attempt to go public via SPAC merger with Far Peak Acquisition Corp. collapsed in 2022 due to tightening U.S. regulations, Bullish shifted focus overseas.

Today, Bullish holds critical licenses across major financial jurisdictions:

With over half of its 260 employees based in Hong Kong, and teams in Singapore, the U.S., and Gibraltar, Bullish is strategically positioned to serve both Asian and European markets—regions increasingly open to regulated digital asset innovation.

👉 See how global crypto regulation is creating new opportunities for compliant exchanges.

The Fractured Relationship with EOS: Betrayal or Business?

For many in the EOS community, Bullish isn’t a new venture—it’s a betrayal.

EOS supporters believed the $4.2 billion raised was an investment in a decentralized future. Instead, Block.one used those funds to build a centralized exchange that ignored EOS technology entirely:

In response, the EOS community took action:

By 2025, EOS rebranded as Vaulta, pivoting toward Web3 banking and renaming its token to A—a symbolic break from its past.

Yet despite community backlash, the economic logic behind Bullish remains undeniable. While EOS faded from relevance, Block.one’s financial strategy turned a speculative project into a sustainable financial entity.

FAQ: Understanding Bullish and Its Impact

Q: Is Bullish related to EOS technically?
A: No. Bullish does not use EOSIO technology, nor does it integrate the EOS (now A) token. The connection is solely through Block.one’s founding team and initial funding sources.

Q: Why did Bullish fail to go public earlier?
A: Its planned SPAC merger with Far Peak fell through in 2022 amid increasing regulatory pressure on crypto firms in the U.S., forcing Bullish to pursue alternative paths like direct IPO filings and international expansion.

Q: Who leads Bullish today?
A: Thomas Farley, former President and COO of the New York Stock Exchange, serves as CEO—underscoring the platform’s focus on traditional finance credibility.

Q: Does Bullish still hold Bitcoin?
A: Yes. Through Block.one, Bullish controls one of the largest private BTC holdings—approximately 164,000 coins—valued at over $17 billion at current prices.

Q: What makes Bullish different from other exchanges?
A: Its origin story, massive Bitcoin treasury, institutional-grade compliance framework, and strategic positioning outside U.S. jurisdiction give it unique resilience and long-term viability.

Q: Can U.S. users access Bullish?
A: As of now, Bullish does not serve U.S. customers directly, focusing instead on regulated markets in Asia and Europe.

👉 Explore how exchanges with strong compliance frameworks are gaining investor trust worldwide.

Final Thoughts: The Future of Compliant Crypto Platforms

Bullish may not have fulfilled the original vision of EOS, but it exemplifies a broader trend in crypto: the rise of financially disciplined, regulation-compliant platforms built to last.

While many projects burned out chasing hype, Block.one preserved capital, diversified into Bitcoin, and constructed a globally licensed exchange capable of weathering regulatory storms.

In an industry where survival often depends on adaptability, Bullish stands as proof that sometimes, the most successful players aren’t those building the next great blockchain—but those who know when to pivot, where to comply, and how to protect value over time.

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