Market Performance
Tokenized Assets
| Ticker | Exchange | Price | 24H | Spread | Liquidity ±2% | 24H Volume | OI | Funding | Max Leverage | Fees |
|---|
Disclosure
Token Information Disclosure
Trading Data Analysis
$1B
$1B
Asset & Security Disclosure
Platform Information Disclosure
Asset List
| Token | 24H Volume | 7D Volume % | Transparency Rating | Label |
|---|---|---|---|---|
| U USDTTether | $59,126,836,871 | 0.00% | A | |
| B BTCBitcoin | $31,352,008,170 | 0.29% | A | |
| U USDCCircle | $17,266,419,960 | 0.00% | A | |
| E ETHEthereum | $13,673,731,906 | 0.31% | A | |
| X XRPRipple | $1,697,883,637 | 4.29% | A | |
| N NEARNEAR Protocol | $1,357,902,293 | 10.21% | A | |
| D DOGEDogecoin | $1,184,566,030 | 3.25% | B | |
| S SUISui | $751,527,262 | 0.59% | A |
Fundraising
Investment
About Bullish
Bullish (NYSE: BLSH), the institutional-grade digital asset exchange and parent of CoinDesk, has marked several long-term milestones since its launch. In May 2026, it announced a $4.2 billion definitive agreement to acquire Equiniti, a leading global transfer agent serving nearly 3,000 issuer clients and processing $500 billion in annual payments. This creates the first fully integrated blockchain-enabled issuer services platform, bridging traditional securities infrastructure with tokenization. The deal, expected to close in January 2027, positions Bullish to lead the transition to tokenized securities. Financially, Q1 2026 showed adjusted revenue of $92.8 million (up from $62.4 million), with adjusted EBITDA of $35.1 million, while Q2 2026 reported a GAAP net loss of $280 million amid digital asset trading volume of $32.6 billion, reflecting market volatility but strong subscription growth to a record $62.7 million. Institutional adoption is evident: ARK Invest accumulated $11.6 million in BLSH over nine consecutive days, and Jane Street-affiliated addresses deposited 270 BTC (~$19 million) into Bullish and LMAX Digital. These events underscore Bullish's strategic pivot from pure trading toward comprehensive tokenization infrastructure and growing institutional trust.
Bullish's Q2 2026 results show total adjusted revenue of $92.6M (+62% YoY), with record subscription/services revenue of $62.7M. Adjusted EBITDA was $29.5M (32% margin), but net loss reached $280M due to a $244.6M impairment on Bitcoin holdings. The company narrowed full-year guidance, expecting SS&O revenue of $225-245M and adjusted opex of $225-230M. Overall, core business grew strongly, but crypto price volatility weighed on profitability.
Key progress: In May 2026, Bullish agreed to acquire Equiniti for $4.2B ($1.85B debt + ~$2.35B stock), creating the first integrated blockchain-enabled blue-chip issuer services provider, expected to close in Jan 2027. It tokenized its own BLSH shares on Solana, becoming the first NYSE-listed company with a fully on-chain equity cap table, administered by Equiniti. Q2 2026 digital asset sales reached $32.6B, adjusted revenue $92.6M, adjusted EBITDA $29.5M, net loss $280M. It also received GFSC approval in Gibraltar to offer secondary trading in tokenized securities.
Future focus: On Oct 27, Bullish will showcase its tokenization platform at the NYSE, demonstrating live tokenized equity issuance and trading with new issuer and Layer 1 partners. It is pursuing U.S. DCM/DCO licenses to expand onshore crypto derivatives. Post-Equiniti integration, it aims to deliver end-to-end tokenized asset lifecycle services—real-time cap tables, automated corporate actions, 24/7 trading, instant settlement—while interoperating with existing infrastructure such as DTCC, Euroclear, and Clearstream.
Co-founders and key executives:
Tom Farley (CEO): Former President of NYSE, led Bullish's strategic growth. Brendan Blumer (Chairman): Founder of Block.one, drives corporate vision. David Bonanno (CFO): Ex-Goldman Sachs, oversees finance. Michael Lau (SVP, Business Development): Ex-Citadel, leads partnerships. Chris Tyrer (President & Strategy Head): Ex-Fidelity Digital Assets, heads strategy. Sylvia T (Director): Ex-Bloomberg, board member. Mothusi Majinda (CTO): Ex-Google, leads tech. Andrew Stief (VP, Marketing): Ex-Coinbase, manages marketing. William Harvey (VP, Institutional): Ex-BNY Mellon, handles institutional sales.
Bullish (NYSE: BLSH) recently appointed Thomas Cowan as Head of Tokenization, effective July 2026. He previously led Galaxy's tokenization business, spearheading its tokenized stock issuance with Equiniti and Superstate, tokenized money market funds with State Street, and co-founding euro stablecoin issuer AllUnity. Bullish is building end-to-end tokenized securities infrastructure via its Equiniti acquisition and Gibraltar regulatory approval.