Mirror Review
August 5, 2025
You’ve probably heard of CoinDesk. But the company quietly backing it? That’s Bullish—a crypto exchange you should know about.
While other crypto exchanges focus on growth at all costs, Bullish emphasized infrastructure, credibility, and long-term trust.
So what makes this firm stand out in a sea of crypto exchanges? Let’s find out!
Here Are 10 Lesser-Known Facts About Bullish
1. It’s Backed by the Billionaire Who Helped Build PayPal
Bullish isn’t just another startup.
It’s backed by Peter Thiel– tech billionaire, co-founder of PayPal, Palantir, and Founders Fund, and one of the earliest investors of Facebook.
2. Its Tech Infrastructure Was Built by Wall Street Veterans
Bullish isn’t just backed by venture capitalists, it’s architected by ex-NYSE executives and Wall Street technologists.
The firm emphasizes high-performance, low-latency infrastructure, catering specifically to institutional traders. That’s why its platform looks and feels more like a Bloomberg terminal than a typical crypto app.
3. It Tried to Go Public Once Before—Through a $9b SPAC Deal
This IPO isn’t Bullish’s first attempt at going public.
In 2021, the firm tried to go public via a SPAC merger with Far Peak Acquisition Corp., led by a former NYSE president. The deal valued Bullish at $9 billion, but the IPO was called off due to market conditions.
Now, in 2025, it’s back—with a direct listing under the ticker BLSH on the NYSE.
4. Bullish Quietly Acquired CoinDesk in 2023
In November 2023, Bullish made headlines in crypto media circles by acquiring CoinDesk from Digital Currency Group.
This gave Bullish an unexpected media advantage and strategic control over one of the most influential news platforms in the crypto world.
5. Built as a CeFi–DeFi Hybrid for Liquidity & Safety
Bullish operates differently from your average crypto exchange.
It blends centralized finance (CeFi) security with decentralized finance (DeFi) transparency.
How? Through a unique automated market-making protocol backed by real assets, including U.S. dollars and crypto reserves.
This model provides strong liquidity and improved transparency while keeping the system secure for institutional users.
6. A Transparent Treasury on the EOS Blockchain
One thing that sets Bullish apart is where it holds its funds.
Instead of using only traditional bank accounts or off-chain storage, Bullish stores a large part of its treasury on the EOS public blockchain.
This means any observer can track balances and verify activity in real time.
Few large exchanges are this transparent about on-chain reserves, making Bullish unusual among its peers.
7. Over $2 Billion in Reserves—Before Going Public
According to its IPO filing, Bullish holds over $2 billion in cash and Bitcoin reserves. That’s a strong position, especially as it enters public markets.
This makes it one of the most capitalized crypto exchanges in the world, even before going public.
8. It Prioritizes Transparency with Real-Time Audits
Bullish differentiates itself by offering real-time auditing of its reserves, a move that became crucial after the FTX collapse.
Using blockchain-based validation, users and regulators can verify the firm’s solvency without waiting for quarterly disclosures.
9. It’s One of the Few Globally Licensed Exchanges
Unlike many exchanges that operate in legal grey zones, Bullish has worked hard to obtain licenses across multiple jurisdictions:
- Gibraltar Financial Services Commission (GFSC)
- German BaFin (through a partnership)
- Regulatory presence in Hong Kong, the U.S., and Europe
This gives it a legal edge and makes it appealing to institutions looking for compliance-first crypto platforms.
10. It’s Positioning Itself as a Coinbase Alternative for Institutions
While Coinbase is often seen as the default U.S. crypto exchange, Bullish is quietly positioning itself as an institutional-grade alternative.
Its pitch? “We’re not trying to be everything to everyone. We’re built for serious traders, hedge funds, and crypto-native institutions who need stability, liquidity, and transparency.”
The result? A cleaner, leaner, more focused offering that might actually thrive in a post-regulation crypto world.
Conclusion
In a world where crypto firms often chase hype, Bullish is quietly building long-term trust.
It’s well-funded, legally compliant across borders, and focused on institutions rather than retail hype.
By offering real-time transparency, on-chain reserves, and a hybrid CeFi–DeFi model, Bullish may represent the future of responsible crypto finance.
