Uncovering Bullish: How Its Parent Company Amassed 160K BTC and Earned Billions

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In the fast-moving world of cryptocurrency, few exchanges command attention without flashy marketing or viral memes. Bullish, while not a household name among retail traders, stands out for something far more powerful: institutional-grade backing, regulatory foresight, and a war chest built on one of the most strategic Bitcoin accumulations in history.

Backed by the controversial but undeniably wealthy Block.one—the team behind the once-hyped EOS blockchain—Bullish has quietly positioned itself as a bridge between traditional finance and the digital asset economy. With over 160,000 BTC held by its parent company and a clear path toward public listing, Bullish is no ordinary exchange. This is the story of how a fallen crypto giant pivoted into one of the most financially sound players in the industry.

👉 Discover how top-tier exchanges are preparing for global compliance and long-term growth.

The Rise of Block.one: From $4.2 Billion ICO to Bitcoin Whale

It all began in 2017, during the peak of the initial coin offering (ICO) frenzy. Block.one launched EOS, a high-throughput blockchain promising millions of transactions per second and zero fees. The project captured global attention and raised an unprecedented $4.2 billion over a year-long token sale—the largest in crypto history at the time.

Yet, despite the capital influx, EOS failed to deliver on its grand promises. Technical complexities, centralized governance, and lack of developer support led to declining momentum. More critically, Block.one allocated minimal funds to ecosystem development. Instead, it made bold financial moves that would later define its legacy.

By early 2019, former CTO BM (Brendan Blumer) revealed in an internal email that Block.one had approximately $3 billion in assets**, with **$2.2 billion invested in U.S. Treasury bonds—a low-risk strategy focused on capital preservation. Even more striking? The company had quietly acquired 160,000 Bitcoin, now worth over $17.5 billion at current market prices.

This accumulation makes Block.one the largest private corporate holder of Bitcoin, surpassing even Tether. While other firms were reinvesting profits into technology or marketing, Block.one played the long game—preserving wealth through safe instruments and betting big on Bitcoin’s appreciation.

Birth of Bullish: A Compliance-First Exchange Built for Wall Street

In 2021, Block.one rebranded its vision with the launch of Bullish Global, a centralized crypto exchange designed from the ground up for institutional adoption and regulatory compliance.

The launch capital was staggering:

This gave Bullish an initial asset base exceeding $10 billion, making it one of the best-funded exchanges at inception.

But what truly sets Bullish apart is its relentless focus on regulation. Unlike many crypto platforms chasing volume at any cost, Bullish aims to become a publicly traded company under strict financial oversight.

Originally, Bullish planned a SPAC merger with Far Peak Acquisition Corp., valuing the company at $9 billion. Though this deal collapsed in 2022 due to shifting U.S. regulatory landscapes, the ambition remained unchanged.

Today, Bullish holds key licenses across multiple jurisdictions:

With more than half of its 260 employees based in Hong Kong, Bullish is strategically positioning itself in Asia—a region increasingly open to structured crypto innovation.

Why Bullish Favors USDC Over USDT: A Regulatory Statement

One of the clearest signals of Bullish’s compliance-first philosophy is its preference for USDC over USDT.

On Bullish, the top stablecoin trading pairs are dominated by USDC, issued by regulated firm Circle—not Tether, despite USDT’s larger market cap and longer history.

This isn't accidental. As the U.S. Securities and Exchange Commission (SEC) intensifies scrutiny on Tether, concerns about transparency and reserve backing have grown. In contrast, Circle completed a successful direct listing on the NYSE in 2024, becoming the so-called "first stablecoin stock" and gaining credibility in traditional finance.

According to data from Kaiko, USDC trading volume on centralized exchanges surged in 2024, reaching $38 billion in March alone**—up from a monthly average of $8 billion in 2023. Notably, Bullish and Bybit together accounted for nearly 60%** of this activity.

👉 See how regulated stablecoins are reshaping crypto trading dynamics.

This shift underscores a broader trend: institutional investors prefer transparent, audited assets. By aligning with USDC, Bullish sends a clear message—it's building for regulated markets, not just crypto natives.

The EOS Fallout: When Community Trust Was Broken

Bullish’s origins are inseparable from controversy—especially within the EOS community.

Many see Bullish not as a new venture, but as a betrayal. After raising $4.2 billion from EOS token sales, Block.one largely abandoned the ecosystem it promised to fund. Instead of investing in developers or infrastructure, it redirected resources toward Bitcoin purchases and financial instruments.

Then came Bullish—an exchange that used none of EOS’s technology, didn’t list EOS as a native asset initially, and made no effort to acknowledge its roots.

The community backlash was fierce:

In response, the EOS network rebranded to Vaulta in 2025, shifting focus toward Web3 banking and renaming its token from EOS to A—a symbolic break from the past.

For many former supporters, Bullish represents not innovation, but a betrayal funded by broken promises.

FAQ: Your Questions About Bullish Answered

Q: Is Bullish related to EOS?
A: While Bullish was founded by Block.one—the same team behind EOS—it operates independently and does not use EOS technology or prioritize its token. The relationship is largely seen as severed due to community disputes.

Q: Who owns Bullish?
A: Bullish is primarily owned by Block.one and its early investors, including Peter Thiel and Mike Novogratz. It functions as a separate entity with its own management team, led by CEO Thomas Farley, former COO of NYSE.

Q: Can I trade on Bullish globally?
A: Yes, Bullish serves users worldwide but is particularly active in Asia and Europe. It complies with local regulations in Hong Kong and Germany, enabling legal access in those regions.

Q: Why is Bullish focusing on compliance?
A: Its long-term goal is to become a publicly listed financial institution. Regulatory compliance reduces legal risk and attracts institutional capital—key for sustainable growth.

Q: How much Bitcoin does Block.one really hold?
A: Approximately 160,000 BTC, making it the largest private holder globally. At today’s prices, this stash is worth over $17.5 billion, generating massive unrealized gains since acquisition.

Q: Is Bullish planning an IPO?
A: Reports suggest Bullish has secretly filed with the SEC for a potential IPO. While unconfirmed, this aligns with its strategy of becoming a regulated, publicly traded entity.

Final Thoughts: Winning by Surviving

Bullish may not be the most popular exchange among retail traders, but it may be one of the most resilient.

While others chased hype, Block.one focused on capital preservation, regulatory alignment, and long-term value creation. Its massive Bitcoin holdings—acquired years ago—are now worth tens of billions, turning what was once a failed public chain into one of crypto’s most profitable ventures—on paper.

The irony is palpable: the company that didn’t build “the next Ethereum” might end up being one of the few to survive—and thrive—through market cycles, regulatory storms, and community backlash.

In crypto, being first or loudest doesn’t guarantee success. Sometimes, winning means knowing when to step back, play smart, and wait for the right moment to go public—literally.

👉 Explore how strategic asset management separates enduring players from fleeting trends.